THURSDAY 31TH AUGUST 2023

Again, Manufacturers Groan as Economic Indicators Falter Say naira crunch nearly crippled companies with about 30% decrease in sales Dike Onwuamaeze The Manufacturers Association of Nigeria (MAN) yesterday, disclosed that its members were groaning in pain as all the major performance

indicators in the sector declined in the second quarter of 2023 (Q2’23).

The association expressed this view in its MAN CEO’s Confidence Index (MCCI) report on the Q2’23 that was released yesterday, in which

it stated that slow recovery from the dire impact of the naira crunch nearly crippled manufacturing companies with about 30 per cent decrease in sales for consumer goods and cement respectively.

The report stated that, “manufacturers are extremely groaning in pain due to these issues that are frustrating their contribution to the economy,” and caused a decline in the Aggregate Index

Score (AIS) of the MCCI to 52.7 points in the second quarter of 2023 from 54.1 points it recorded in the first quarter of 2023.

It further stated that the operating environment impacted most

negatively on the activities of the motor vehicles and miscellaneous assembly, which deteriorated further below the benchmark of 50 points Continued on page 10

Stanbic IBTC Posts Strong Half-year Performance, Grows Profit by 121%... Page 5 Thursday 31 August, 2023 Vol 28. No 10368. Price: N250

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Lagos Blue Rail Line to Commence Operation Monday... Page 11

Wike: I'm Still in PDP, Now on National Duty in APC Govt

Says he owes nobody apology for supporting Tinubu Dares PDP, declares nobody can suspend him Reveals $800m garnishee order hanging over FCTA

Olawale Ajimotokan and Alex Enuma in Abuja FCT Minister, Nyesom Wike, has

said his inclusion as a member of the All Progressives Congress (APC) Bayelsa Gubernatorial Campaign Council may be the handiwork of

mischief makers in the ruling party who were not dissatisfied with his appointment as minister.

Wike, said this yesterday, during

an interview on Channels Television’s ‘Politics Today,’ even though the APC National Chairman, Dr. Umar Abdullahi Ganduje, had

refuted the advert which listed the former River State Governor as a member of Bayelsa gubernatorial campaign council.

The minister however, insisted he was still a member of the main Continued on page 10

Tinubu on Gabon: In Talks with World Leaders to Address Spreading Autocracy Declares power belongs to people, not barrel of gun Holds telephone conversation with Canadian PM on developments in Niger, Gabon Ousted Gabonese president calls for protest Bongo’s ‘sound sexy but doesn’t work’ old view on democracy resonates Story on page 10

SANWO-OLU/OBASA RIFT RESOLVED?...

L-R: Members of the Governance Advisory Council (GAC), James Odunmbaku; Henry Ajomale; Mrs. Sarah Sosan; Speaker, Lagos State House of Assembly, Rt. Hon Mudashiru Obasa; Governor Babajide Sanwo-Olu; GAC members, Mrs. Adejoke Orelope-Adefulire; APC Chairman, Hon Cornelius Ojelabi and Dr. Abayomi Finnih, after a meeting at the Lagos House, Marina, ... yesterday

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

ELUMELU VISITS TINUBU...

President Bola Ahmed Tinubu (R) with Group Chairman, United Bank for Africa(UBA) and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu, during the visit of Mr. Elumelu to the State House, Abuja... on Tuesday.

IMF: Africa's Fragile States Greatest Casualties of Climate Change Seeks support for continent's most vulnerable nations World Bank pledges to boost development support in Nigeria Ndubuisi Francis and James Emejo in Abuja The International Monetary Fund (IMF) has warned that climate change poses grave threats to countries across Africa, especially fragile and conflict-ravaged states.

This was just as the World Bank Country Director, Mr. Shubham Chaudhuri, has said the bank would increase support for development programmes in Nigeria.

While climate change was projected to push an additional 50 million people in fragile states into hunger by 2060, the IMF also warned that by 2040, such states could face 61 days a year of temperature above 35 degrees Celsius on average, four times more than other countries.

In a report published in its blog post yesterday, the multilateral lender called on international partners to support the continent’s most vulnerable countries to adapt to extreme weather, warning that spillovers could become more disruptive.

The Fund stated that as African leaders converge on Kenya for next week’s African Climate Action Summit, it was vital that they come up with solutions to support the vulnerable countries.

According to the IMF, from the Central African Republic to Somalia and Sudan, fragile states suffer more from floods, droughts, storms and other climate-related shocks than

other countries, although they have contributed the least to climate change.

"Each year, three times more people are affected by natural disasters in fragile states than in other countries.

"Disasters in fragile states displace more than twice the share of the population in other countries. And temperatures in fragile states are already higher than in other countries because of their geographical location.

"By 2040, fragile states could face 61 days a year of temperatures above 35 degrees Celsius on average—four times more than other countries.

"Extreme heat, along with the more frequent extreme weather events that come with it, will endanger human health and hurt productivity and jobs in key sectors such as agriculture and construction," the report said.

The IMF alluded to evidence that climate change indeed inflicts more lasting macroeconomic costs in fragile countries, adding that cumulative losses in gross domestic product reach about 4 per cent in fragile states three years after extreme weather events.

That compares with around 1 per cent in other countries, even as it pointed out that droughts in fragile states are expected to cut about 0.2 percentage points from their per-capita gross domestic product (GDP) growth every year.

"This means that incomes in fragile states will be falling further behind those in other countries.

"The more harmful effect of climate events in fragile states is not only because of their geographical location in hotter parts of the planet, but also because of conflict, dependence on rainfed agriculture, and lower capacity to manage risks.

"Conflict undermines the capacity of fragile states to manage climate risks. For example, in Somalia, the areas most severely affected by food insecurity and hunger due to the

prolonged drought in 2021-22 were under the control of terrorist groups that thwarted delivery of humanitarian assistance.

"Climate shocks also worsen underlying fragilities, such as conflict and hunger, further exacerbating the effect they have on the economy and people’s wellbeing.

"Our estimates indicate that in a high emissions scenario, and all else equal, deaths from conflict as a share of the population could increase by close to 10 per cent in fragile countries by 2060.

Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has pledged to work towards attracting investments into the gas sector, particularly in Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), in order to unlock the full potential of gas for national development.

Continues online

Sets N1.50 interim dividend record Stanbic IBTC, a member of Standard Bank Group, has announced its six months audited results for the period ended 30 June 2023, which showed that its profit after tax rose significantly by 121 per cent to N67.92 billion, compared to N30.67 billion as of the first half of 2022.

Also, its total operating income stood at N171.30 billion, up 51

per cent, compared with the first half 2022 figure of N113.31 billion, while profit before tax was N82.99 billion, up 108 per cent, as again the N39.98 billion garnered in the comparable per cent of 2022, and cost to income ratio of 48.1 per cent (H1 2022: 59.9%).

The results released yesterday, also showed that the bank’s total assets increased by 47 per cent

Assures investors of conducive business environment Ekpo also assured existing and prospective investors in the Nigerian petroleum sector of a conducive environment to do business in the gas industry.

The minister, according to a statement by the ministry, stated this during the inaugural meeting with staff of the ministry jointly held with the Minister of State, Petroleum Resources (Oil), Senator

Country Director, Mr. Shubham Chaudhuri, has said the bank would increase support for development programmes in Nigeria.

Speaking when he led a World Bank team on a courtesy visit to the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, he said his focus was to work with government at both the federal and state levels in transforming the country, as well as catalysing private investment and job creation.

Stanbic IBTC Posts Strong Half-year Performance, Grows Profit by 121%

Ekpo Pledges Increased Investments in Gas Infrastructure to Deepen Penetration,Value Creation Peter Uzoho

"Climate change would also push an additional 50 million people in fragile states into hunger by 2060.

"The higher losses from climate events also reflect the dependence of fragile states on rain-fed agriculture.

Agriculture represents close to one-quarter of economic output in fragile states, but only 3 per cent of cultivated areas are irrigated with canals, reservoirs, and the like. Rain-fed farms are especially vulnerable to droughts and floods," the report noted.

Meanwhile, the World Bank

Heineken Lokpobiri, in Abuja.

He said his vision was to grow gas supplies to thermal plants so as to improve electricity generation to consumers in the country.

He pointed out that of the 20 top gas producing nations in the world, utilisation was least in Nigeria, hence the need for increased investments in the industry.

Ekpo, also assured of greater investments in CNG and LPG infrastructure to deepen penetration among Nigerians.

He said the gas sector held great prospects for the resuscitation of the economy and tasked workers on the need for commitment and dedication to meeting the expectations of Nigerians from the gas industry.

to N4.45 trillion, up from N3.03 trillion recorded in December 2022.

Its gross loans and advances increased by 37 per cent to N1.70 trillion, higher than the N1.24 trillion it stood as of December 2022, while non-performing loan to total loan ratio was 2.34 per cent, compared to 2.4 per cent as of December 2022.

Similarly, customer deposits increased by 32 per cent to N1.64 trillion, up from N1.25 trillion as of December 2022, just as deposit mix improved to 74 per cent, from 71.7 per cent as of December 2022.

Net interest income was N72.68 billion, up 44 per cent (H1 2022: N50.35 billion) and non-interest revenue of N98.62 billion, up 57 per cent (H1 2022: N62.96 billion).

Commenting on the results, the Chief Executive Stanbic IBTC, Dr. Demola Sogunle said: “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment.

“Events such as the general elections and cash scarcity led to relatively slower business activities at the beginning of the year, causing the Stanbic IBTC Bank Purchasing Manager Index (PMI) to print below

50 index points.

“Business activities however picked up in the second quarter, with the PMI moving back above 50 points in April 2023 and closing at 53.2 in June 2023, following the improvement in access to cash, increase in customer demand and business expansion.

“We reported significant growth in our key income lines during the period under review. The Group’s profitability increased by over 100 per cent year-on-year (YoY) driven by growth across our revenue streams.

“Interest income grew by 62 per cent year-on-year (YoY), mainly due to higher yield and volume of loans and investments, which is in line with our efforts to support our clients through loan offerings and investment opportunities.

“Net fees and commission income increased by 12 per cent YoY, attributable to increase in fees earned on letters of credit and growth in fees from digital banking transactions following an increased uptake of our digital channels.

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NEWS

UNIVERSITY OF IBADAN ALUMNI VISITS ALUMNUS OLIVER ALAWUBA...

L-R: Past President, University of Ibadan Alumni Association (UIAA), Dr. Kemi Emina; President, UIAA Worldwide, Prof. Gabriel Nyityo; Alumnus of UIAA and Group Managing Director/CEO, United Bank for Africa, Mr. Oliver Alawuba; Immediate Past President, UIAA, Prof. Elsie Adewoye, during the visit of the association to Alawuba at the UBA House, Marina, Lagos…yesterday

To Cushion Effect of Fuel Subsidy Removal, Delta Govt Approves N10bn for Palliatives AbdulRazaq commences distribution of 250,000 bags of rice in Kwara Hammed Shittu in Ilorin The Delta State Executive Council has approved the sum of N10 billion as Social Investment to fund palliatives for the people of the state cushion the effect of fuel subsidy.

This was just as Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, yesterday reiterated the commitment of his administration to show more empathy to the people so as to bring new lease of life to the residents of the state in view of the recent decision of the federal government to remove fuel subsidy.

The approval by Delta State government was part of decisions reached at the maiden State Executive Council meeting presided over by Governor Sheriff Oborevwori yesterday at Exco Chambers, Government

House, Asaba.

Briefing journalists at the end of the meeting, the State Commissioner for Works (Highways and Urban Roads), Mr. Reuben Izeze, said the governor would forward it to the state House of Assembly for approval for the provision of palliatives for the less privileged, people living with disabilities, widows, women, youths and the aged in the society.

He said Exco gave approval for the construction of several roads in furtherance of the M.O.R.E Agenda of the Oborevwori’s administration, adding that every senatorial district was covered and the roads were critical to the uplifting of the economic status of the people.

"In furtherance of the M.O.R.E Agenda of this administration, the State Executive Council approved

the reconstruction of Upper and Lower Erejuwa Roads in Warri, Rehabilitation of Esisi Road from Warri Sapele Road to Estate roundabout with a spur to Nana College to link Ajamimogha in Warri.

"Rehabilitation and asphalt overlay of of the failed sections of PTI Road in Effurun, Uvwie Local Government Area; rehabilitation and asphalt overlay of Oviri Court-Adagbrasa Road in Okpe Local Government Area.

"Rehabilitation and asphalt overlay of Ohorhe-AdagbrasaUgolo-Okuodiete road with a spur from Adagbrasa to Ughwagba community to Okan junction along the Eku-Osubi-Effurun Road in Okpe Local Government Area.

"Construction of roads around Otovwodo junction in Ughelli North

Local Government Area; Construction of Nsukwa-Umute-Adonte Road Phase 1 from Nsukwa to Umute in Aniocha South Local Government Area.

"Remedial works for the failed approach to the bridge at Bedesegba along Ohoror-Bomadi Road in Bomadi Local Government Area."

Continuing, Izeze said: "Exco also granted approval for the installation of all-in-one LED solar powered street lights along NPA - DSC Expressway and its environs in Uvwie and Warri South Local Government Areas.

"Exco also approved the payment of the 2023 counterpart fund for the Universal Basic Education Programme and for the organisation/ hosting of the 7th Edition of the National Youth Games in the state."

According to him, Exco ratified

NSIA, Stakeholders Partner to Improve Cancer Treatment in Nigeria The Nigerian Sovereign Investment Authority (NSIA) has convened critical oncology stakeholders and strategic partners at the maiden edition of the NSIA Oncology Summit in Lagos.

The move, according to a statement from the NSIA yesterday, was to drive collaborations amongst partners and improve overall patient outcomes in cancer-care.

Participants at Summit included over 200 medical professionals in oncology, over 11 Nigerian tertiary hospitals as well as over 10 external collaborators from the University of Chicago; American Oncology Institute India; American Society of Clinical Oncology (‘ASCO’); Bio Ventures for Global Health (‘BVGH’); Memorial Sloan Kettering Cancer Centre; American Association of Physicists in Medicine (‘AAPM’) and the University of Pittsburgh Medical Centre (‘UPMC’).

At the summit, medical professionals were split into focus groups across various specialty areas to discuss barriers to oncology care in Nigeria, possible solutions to address same and retention plans for homegrown talent.

Speaking at the Oncology Summit, the Managing Director, Aminu

Umar – Sadiq noted that, "this is an important first step in bringing together key oncology stakeholders to enhance the quality of cancer care in Nigeria."

Healthcare has been an investment sector of focus for the Authority.

The NSIA set up the NSIA Healthcare Development Investment Company (NHDIC) to address medical infrastructure gaps, develop strategic collaborations to improve patient care and enhance the talent pool of medical professionals.

In 2019, NSIA established the NSIA – LUTH Cancer Centre (NLCC), a world-class out-patient oncology centre which has since attended to over 10,000 unique cancer patients.

The statement said the Authority also invested in two diagnostic projects co-located within the Aminu Kano Teaching Hospital and Federal Medical Centre, Umuahia.

The NSIA is now in the process of scaling these interventions, with three additional Oncology centres, 23 additional diagnostic centres and 7 catheterisation laboratories across the six geopolitical zones of Nigeria.

NSIA’s wholly owned medical services portfolio company, Med-

serve has been set up to implement these projects.

Furthermore, the Authority said in the statement that given the prevalence of dated medical equipment, poor operation and maintenance of same, the NSIA has set up another wholly owned subsidiary called Equilease Systems Limited to offer alternative financial

solutions to care providers, to ease the burden of high acquisition and maintenance costs of modern medical equipment through strategic partnerships with Original Equipment Manufacturers (OEMs).

Medserve and Equilease would jointly allow the NSIA to be the largest provider of medical infrastructure in Nigeria.

the appointments of some traditional rulers including; the appointment of HRM Macaulay Popo Ovbagbedia, Uhurhie-Sadjere II as the Ohworode of Olomu Kingdom.

"HRM Clement Oghenerukevwe Ikolo as the Ovie of Ewu Kingdom in Ughelli South; HRM Ogheneochuko Morris Eyekpimi - Egbobonyen as the Orosuen of Okere Urhobo Kingdom in Warri South and HRM Obi Emmanuel Chukwuka as Obi of Umute Kingdom in Aniocha South LGA." On his part, Commissioner for Economic Planning, Mr. Sonny Ekedayen, said Exco also approved the sum of N167 billion as 2023 supplementary budget.

He said Exco also granted approval for N40 billion credit facility offer to the 25 local government councils in the state to defray substantial part of outstanding retirement benefits to local government pensioners.

Earlier in his welcome remark, Oborevwori congratulated the commissioners on their appointments and urged them to work assiduously in the interest of the growth and development of the state.

He urged the commissioners to avail themselves copies of their swearing-in ceremony address and his inauguration speech, adding that they both offer the pathway of the policy thrust of his administration.

"For the administration to be successful it requires the collaborative efforts of everyone. I urge all members to work in synergy as the

decisions of council is a collective decision of all members," the governor said.

AbdulRazaq Commences Distribution of 250,000 Bags of Rice

Meanwhile, Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, in Ilorin, flagged off the distribution of 2,500 10kg bag of rice to some of the vulnerable people in the state.

He, however, said more sustainable initiatives were being implemented in phases in order to reduce the sufferings of the residents due to the fuel subsidy removal in the country.

AbdulRazaq, had on August 22, inaugurated a 12-person committee to coordinate the distribution of the palliatives purchased with the N2 billion so far received from the federal government.

AbdulRazaq, who was represented by the Speaker Kwara State House of Assembly, Engr. Yakubu Danladi Salihu, at the flag off of the palliatives distribution, said: "This is only a fraction of what we have done to identify with the people at this very critical moment of our national life.

"Palliatives are a stop-gap measure to cushion the effects of the removal of fuel subsidy on the most vulnerable among us.

"Over the last few weeks, our government has rolled out different palliative measures to support the people in the formal and informal sectors.

Lagos Women Fitness Fair Holds October Organisers of the Lagos Women Fitness Fair (LWFF) have announced that its 2023 event would hold on the October 28th, at BICS Garden, Lekki, Lagos State.

Now in its third year, LWFF had, in the past, been organised

by Curves Nigeria (local affiliate of Curves International - world’s largest female fitness franchise) and Breast Cancer Association of Nigeria (BRECAN).

This, a statement, was usually the high point of the Breast Cancer Awareness Month (BCAM) which is October, every year.

This year, Olusegun Obasanjo Foundation (OOF) is coming in as a partner, it stated.

According to Chief Executive Officer of Curves Nigeria, Mr. Emma Esinnah, “the partners are delighted that the Olusegun Obasanjo Foundation, which has been doing great work in promoting health and wellbeing, has graciously accepted to work with us on the LWFF project.”

According to him, breast cancer awareness was the pivot of Curves corporate social responsibility, worldwide.

“That is why Curves Nigeria works with BRECAN in spreading awareness about the scourge of breast cancer and other aspects of female health and wellbeing,” it added.

Esinnah explained that the LWFF, “objectives include sensitising women

to the benefits of fitness in fighting common illnesses, especially cancer; encouraging them to make useful lifestyle changes for their health and happiness, and to feature services, products and solutions that support female fitness and healthy lifestyle.”

“In order to achieve these goals this year, a number of programs have been lined up which include exhibition of fitness industry-related products, from gym equipment to wears and healthy foods and drinks; health talks, majorly lectures on fitness and dieting; health screeners and examinations; fitness demos; demos on self-managed quick exercises for professional women.

“Curves and BRECAN, together

with other partners, organised the first and highly successful LWFF in 2019. The second edition of LWFF held on November 5, 2022, recorded even greater success with over 30 exhibitors, consisting of mostly female-managed SMEs in the health and wellness space. Lagos Women Fitness Fair has now become an annual event.”

The 2022 LWFF was attended by high profile personalities, including the US Consul General, Mr. William B. Stevens and his wife; Ondo State First Lady, who is also the Founder of BRECAN, Chief (Mrs.) Betty Akeredolu; Lagos State First Lady, (Dr. Mrs.) Ibijoke Sanwo-Olu, who was represented.

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NEWS

NAVY OFFICIALS VISIT NASENI...

L-R: Deputy Director, Engineering Infrastructure, National Agency for Science and Engineering Infrastructure (NASENI), Engr. Mohammed Kaisan; Chief of Naval Engineering, Nigerian Navy; Rear Admiral K.G. Levi; Executive Vice Chairman/CEO of National Agency for Science and Engineering Infrastructure (NASENI), Dr. Bashir Gwandu; Director, Defence Research & Development Bureau, Rear Admiral S.D. El-Ladan; Coordinator, Defence Equipment Production, NASENI, AVM Jomo Osahor (Rtd.), and Director, Air Engineering, Nigerian Navy, Commodore A.O. Ogundiran, when the Navy officials paid courtesy visit to the Agency’s Headquarters… Tuesday

House Summons CEOs of Insurance Companies Over Non-remittance of N272 billion Vows to expose corruption, identify challenges affecting execution of GGW

Adedayo Akinwale in Abuja The House of Representatives has summoned the Chief Executive Officers (CEOs) of insurance companies to explain the reasons for the non- remittance of over N267 billion workers’ investment in the National Housing Funds (NHF) for the year 2019.

The Chairman of the Ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilisation of the funds from 2011, Hon. Dachung Bagos, issued the summon following their failure to appear before the committee in Abuja, on Tuesday, at the resumed hearing to explain the unremitted fund.

His words: “In 2019 alone, 54 insurance companies have not remitted N267 billion. They need to tell us where the money is. This figure does not include 2020 to 2023.

We have the law but we are not working with the law, rather we complain on a daily basis.”

Dachung, assured that the 10th House of Representatives would address the issue, adding that all the concerned CEOs must appear by next Tuesday.

The chairman stressed that the insurance companies should come along with all the amount they had remitted to the Federal Mortgage Bank of Nigeria (FMBN), adding that they should also provide evidence of sanctions to those who had defaulted.

Dachung, insisted that the insurance companies should come and explain why they were still owing over N267 billion of workers' investment to NHF in 2019.

He added that the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting workers investment to Federal Mortgage Bank.

In his submission, a member of the committee, Hon. Kama Nkemkanma, called on the CEOs of insurance companies to appear rather than sending their subordinates, saying that there was the need to get to the bottom of the problem.

According to him, “What we are talking about here involves billions of unremitted money, I will want us to be more serious.”

On his part, Hon. Timilehin Adelegbe, said the issue of non-remittance of workers NHF contribution was not something to joke with.

“For any outstanding unremitted fund, the CEOs should be held responsible and if they fail by next hearing, we will publish their names,” he noted.

Meanwhile, the House of Representatives has also vowed to expose corruption and identify challenges affecting the execution of the Great Green Wall (GGW), and also guide the new administration in the continued implementation of the policy.

The Speaker of the House, Hon.

Tajudeen Abass, stated this yesterday, while declaring an investigative hearing on the Utilisation of Ecological Funds Released to the Great Green Wall open.

He noted that the hearing was coming at a time of heightened public expectations, given the experiences with the management of public funds by agencies of government in recent times, which was threatening the development of the nation.

The Speaker noted that the importance of the GGW project cannot be overestimated especially in view of the security problem facing the nation in the last two decades.

He recalled that the National Agency of the GGW was established

by an Act of parliament in 2015, to implement the Nigerian component of the Great Green Wall program, which is an initiative of the African Union (AU) to address the problems of land degradation, desertification, drought, Climate Change and Livelihood of affected communities in eleven frontline states in the North East and North West regions sharing borderlines with Niger, Chad and Cameroon.

Abbas, stressed that in view of the utmost place the project occupies, the parliament provided numerous funding sources including the Ecological Fund of the Federation established to provide resources for protecting the country’s natural

Kuni Tyessi in Abuja The Tertiary Education Trust Fund (TETFund) said it has released the sum of N550 million to the Kaduna State College of Education.

Executive Secretary of TETFund, Sonny Echono, disclosed this when a Kaduna State Government delegation, led by the State Governor, Uba Sani, paid him a courtesy visit at

the fund’s headquarters in Abuja.

Echono, who noted that the disbursement was beyond the normal allocations, disclosed that the Fund also disbursed N500 million to Ahmadu Bello University, Zaria for the completion of one project in addition to making it a centre of excellence.

According to him, the same amount was also given to Kaduna

Says country at critical point, in dire need of transformation The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has said Nigerians do not have to queue endlessly to get international passports.

He also charged agency heads on the need to walk their talk, saying the country was at a critical point and in dire need of transformation.

Speaking at a briefing with the Acting Comptroller General of Immigration, Caroline Adepoju, and Controller General of the Nigerian Correctional Service, Haliru Nababa, the minister reiterated the order of the President on getting all hands on the deck.

He said: “I am just returning

from a meeting with the president.

He is not interested in excuses. We must work and deliver. Anyone who cannot help Nigeria to record progress must be kicked out because we can actually be great.

“Let me know your challenges.

I am here to help you solve them.

When you solve them and record successes, I am also successful. The time of talks is gone. So, keep your talk. Let us discuss solutions.

“Nigerians should not have to queue endlessly to get passports.

No, this must stop. This is not the Nigeria of our dream. I need to know the challenges the agency is facing.

“We must all come together to deploy and invest our expertise

the project, to expose corruption, and guide the new administration in the continued implementation of this policy which is crucial to both the well-being and the security of our nation.”

The Speaker assured that the investigative hearing was not for witch-hunting or score settling, adding that the parliament was only exercising its mandate as provided for by the 1999 Constitution, as amended.

Earlier, the Ad-Hoc Committee Chairman, Hon. Isma'ila Dabo, said in recent years, the country had witnessed a significant upsurge in natural environmental challenges such as land degradation, deforestation, desertification, and drought.

Insecurity: TETFund Releases N550m to Kaduna State College of Education

Tunji-Ojo: Nigerians Should Not Queue Endlessly to Get Passports Michael Olugbode in Abuja

environment and funding repairs and developments necessary to prevent harm, the Natural resources funds He said, however, information emanating from the field does not seem to reflect an optimal implementation of this noble program despite the numerous funds available for its implementation.

Worried by this development, the Speaker noted that the 10th parliament deliberated on the issue and resolved to set up an Ad-hoc Committee to investigate Abbas stated: “The objectives of this investigative hearing are: gather data to ensure the program is optimally implemented, identify challenges affecting the execution of

to resolve them. Nigerians will take us up on our promises. If we have officers who are not ready for this rigorous process, we will excuse them.”

He reminded the agency heads that the new administration was not interested in usual talks and essay presentations, but actions to deliver value and growth.

He said: “Talks have not taken us anywhere as a nation. We must get it right. The Ministry of Interior is the heart of any nation. I want you to return to your tables and bring up action plans. It is my job to ensure the ministry is working.”

The minister also underscored the importance of leveraging technology as a means to enhance

efficiency and accuracy within the immigration and correctional services.

The minister noted that implementation of advanced technological solutions could significantly reduce delays and streamline the handling of critical challenges.

He said: “Technology has the potential to revolutionise our immigration and correctional systems, making them more agile and responsive. All I care, we need to embrace innovation and find ways to overcome the current challenges that often lead to bottlenecks in our processes.

“Our country is a great and important country. Let’s live up to expectations.”

State University to complete some projects in its Kafanchan campus, adding that the Fund would expedite action to complete some projects in the university which earlier had challenges.

The TETFund boss assured the state government that one of the public tertiary institutions in the state would benefit from the TETFund special high impact intervention in 2024, after the cycle of six years since the state last benefited.

He further pledged to look into the appeal lodged by the state governor to assist the Nuhu Bamali Polytechnic, Zaria, in expanding its programmes through the building of a faculty of agriculture.

“This year already, we made some special allocation beyond the normal allocations that all institutions get. ABU Zaria for example, again, not only was it recognised as a centre of excellence, where we want to have a special centre in the area of education, but we also gave them some additional fund about 500 million to complete one project.

“The same amount was also given to Kaduna State University to complete some projects in your Kafanchan campus.

“The College of Education you mentioned, that had issue of security, I can confirm to you that in matter of weeks ago, or

some days ago, we released N550 million to them to address the issue of security; that’s the Kaduna State College of Education in Gidan Waya.

“There is a sequence that we designed for the special high impact projects on zonal basis and I know the Hon commissioners has been following. So, saying that next year should be the turn of Kaduna State.

I will check and know it's definitely either next year or the year after the special high impact will be in Kaduna.

“I think the last time we were there was 2019 and we have a recycle of five years. We do it one per state. There's equity in what we do here that when a state benefits, from a particular zone, it goes to other states before it comes back to that state.

“Especially when we had the North West zone with the unfair decision of having seven states. So, what we try to do is to address that by limiting it to six to have some degree of parity. So that cycle I think Kudana State should be coming on board now for special high impact,” he said.

He described Kaduna as one of the states that the fund has enjoyed the most support.

Earlier, Sani, requested for more intervention and support from TEFund for some of institutions in the state.

THURSDAY AUGUST 31, 2023 • T H I S D AY

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Umahi Laments Bad Condition of Bridges in Lagos Emmanuel Addeh in Abuja The Minister of Works, David Umahi, yesterday expressed concern over the bad condition of almost all critical bridges in Lagos, and has therefore said the situation will be looked into.

Umahi, who made this known while inspecting the

Third Mainland, Carter and Eko bridges in Lagos, said even the Third Mainland which had been closed for heavy trucks was also having issues.

He listed some of the problems as deflection of slabs and removal of structural elements which he said has exposed the road and thereby posed danger to its users.

"Almost all the bridges in Lagos are having problems but we are going to look at them," he said.

The ‘pie cap’ on the bridge, he said, was also having some defects, according to a statement from Director of Information, Press and Public Relations Unit in the ministry, Blessing Lere-Adams.

Explaining that it was in ad-

dition to the problem of trading under the bridge, Umahi noted that it remains part of the reasons it is difficult to close down the Eko Bridge which has in turn slowed down the pace of work there.

He also stressed the need for urgent attention to be given to the Carter bridge in order to make

movement of people and goods easier.

Umahi added that the federal government was committed to rehabilitating the bridges as soon as possible to save them from further deterioration as government cannot afford to construct new ones.

The minister pointed out the

need for Closed Circuit Television (CCTV) cameras to be installed to watch the bridges for rapid response when the need arises.

In his remarks, the Director Highways, South West, in the Ministry, Adedamola Kuti, advised Nigerians to desist from the illegal activities around the bridge and to promptly report such incidents.

TINUBU ON GABON: IN TALKS WITH WORLD LEADERS TO ADDRESS SPREADING AUTOCRACY Deji Elumoye, Michael Olugbode and Emmanuel Addeh in Abuja President Bola Tinubu, yesterday, officially reacted to the unconstitutional change of government in neighbouring Republic of Gabon, and said he was already in talks with other world leaders on how to respond to the spreading autocratic tendencies across the continent.

Addressing newsmen on the development at State House, Abuja, presidential spokesperson, Ajuri Ngelale, disclosed that Tinubu expressed deep concern over the coup d’état in Gabon. Ngelale said Tinubu firmly believed power belonged to the African people, and not the barrel of a gun.

The presidential spokesperson also disclosed that Tinubu, yesterday

afternoon, had a “fruitful” telephone conversation with the Canadian Prime Minister Justin Trudeau over the coup in Gabon and last month's unconstitutional change of government in Niger Republic.

Soldiers, yesterday, staged a coup in Libreville, the Gabonese capital, and toppled the government of President Ali Bongo.

Bongo called for protest from within and outside his country to restore democracy.

Interestingly, a video clip recorded five years ago at the University of Oxford, England, where Bongo shared his thoughts on term limits for African presidents, went viral shortly after the putsch in Gabon.

Just recently, Bongo had during the country’s independence anniversary earlier this month also

acknowledged the growing threat of military coups in the continent, but vowed it would never happen in Gabon on his watch.

Oil markets were left smarting by a second coup in five weeks in Africa, after the putsch in Gabon, an oil producer, bringing the recent wave of West African putsches to OPEC's doorstep.

Bongo was accused of high treason by the group of high-ranking officers who deposed him. The group equally said other government officials as well as Bongo’s son, Nouredine Bongo, had been arrested.

The military leaders in Gabon announced they had seized power, days after the nation’s presidential election, which confirmed President Ali Bongo Ondimba’s third term.

The election results were alleged

by the coup plotters to have been falsified.

The military group said state institutions had been dissolved with immediate effect, with the election results annulled, and the country’s borders closed. The group called itself the Committee for Transition and Restoration of Institutions (CTRI).

The announcement came a few hours after the electoral body declared Bongo winner of the election with 64.27 per cent of the vote.

Gabon, a Central African country, is rich in natural resources. Located on the Atlantic Ocean, it borders Cameroon, Equatorial Guinea, and the Republic of Congo. It is sparsely populated, with a population of 2.3 million (2021) and forests covering 88 per cent of its territory.

Further sharing Tinubu’s views

W I K E : I ' M ST I L L I N P D P, N O W O N N AT I O N A L D U T Y I N A P C G OV T opposition party, Peoples Democratic Party (PDP), although he is serving in ruling party as a minister.

“You must know politics. That today I am the FCT Minister is not what you can think. There are some APC chiefs that are not happy with it. Yes, some persons can play some funny politics, put my name there and say let his party think he is a member of this party.

“At my level, do I look like somebody who will do something and hide it? In this country today do I need to play game? It does not mean anything. Whenever I want to do anything I will do,” Wike queried.

He said he was not formally consulted to serve on the APC Bayelsa gubernatorial council, wondering why his name was included when he was not a member of the ruling party.

He also said his party, the PDP, neither consulted him before also listing him as a member of the gubernatorial council for Bayelsa state.

He said: “Though PDP put my name in Bayelsa, they did not tell me. Look I am not a kid. You don’t railroad me anyhow. If l want to play a role in anything I will play a role.”

When his reaction was sought about the possibility of him working for the PDP in Bayelsa governorship election he said: “There are so many things PDP must correct before I accept. Certainly, yes”.

He said the party must apologise to him and other aggrieved party members as a condition for peace to return to the party.

He also revealed that he decided to join President Bola Tinubu administration because he believed in equity fairness and justice.

“What is new now and everybody talking that I am serving in APC government. I was in PDP, I supported Ahmed Bola Tinubu, yes, did l hide it?” Wike said.

Wike reiterated his membership of the PDP, pointing out that governance was not about political party, but serving the people.

He recalled that when then President Olusegun Obasanjo of the PDP in 1999, saw great potential in the late Bola Ige, then of the Alliance for Democracy (AD), he brought him into his cabinet and appointed him as Attorney General of the Federation and Minister of Justice.

Wike also stressed that no one could discipline him or suspend him from the PDP on account of his acceptance to serve as minister in an APC-led federal government.

He claimed Tinubu has already given him a template of what he wants in Abuja, and "I want to support Asiwaju to finish well".

He added that he felt at home working with the president who has given me the courage, describing

Tinubu as a man who means well for the country.

“I am not here to work for a party, but to support a president who has the confidence in me to help him to deliver the ‘Renewed Hope.’ I owe nobody any apology at all. I was in PDP. I worked for Ahmed Bola Tinubu to be President of Nigeria.”

Wike also said Tinubu, has necessary capacity to face the daunting challenges in the nation's capital, Abuja.

Wike, who urged for a change of mindset against the Tinubu administration also solicited support for the Renewed Hope project of the president, assuring that within the next eight months Nigerians would begin to enjoy the metro-line project as promised by the administration.

According to Wike, who has spent barely one week in office as minister, "things are very bad", at the FCT, "with projects littered everywhere, sanitation not getting desired attention".

Besides, the former Governor of Rivers State, disclosed that there was an, "$800 million garnishee order against the FCT," which he hopes to appeal when he fully settles into office.

"We are faced with the problem of land racketeering," he said, a contract of N20 billion at the initial stage has risen up to N180 billion today.

Nevertheless, Wike told his host that, "we have capacity to face the challenges", as plans are ongoing to set up a strong legal team that believes we should succeed.”

According to him, Tinubu being aware of the rot in the capital city gave him a marching order to "bring back the city", adding that the president few days ago told him, "my landlord, I want to ride on your metro-line," signalling the importance the president places on the project.

"This is a project the president has told me is in his heart, so we are going to do everything to make sure that we accomplish it", Wike assured.

While observing that the necessary funding for the project was not a problem, the minister disclosed that the only challenge now was that of the rescheduling of operational cost which would be resolved in few days.

He added that once resolved, the project would be completed, "within the next eight months..... by this time next year.”

Meanwhile, he reiterated the resolve of his administration to pull down buildings distorting the original master plan of the FCT. According to him, notice of demolition has already been served to the affected persons and they have started moving out, adding that the culprits are the rich and influential but he was ready to do

his job irrespective of who might be involved.

He claimed Tinubu chose him for the job despite their different political parties because he was courageous and shared the same vision with him for the FCT. Earlier yesterday, Wike disclosed that there was a garnishee order to tune of $800 million against the Federal Capital Territory Administration (FCTA).

He said the order was adversely affecting the financial health of the administration and the ability of FCTA to fund projects.

The garnishee order was given by a high court in favour of an unnamed party for breach of obligations.

He said such was the scale of the garnishee order on the FCT economy, that the amount awarded was enough to fund the budget of the FCTA over ten years.

The minister told journalists that the situation was so bad that the FCT economy could be described as “dead” He vowed to take serious actions against very highly placed persons whose actions were producing negative impact on the FCTA. "We are coming out to tell the people that see what is on ground, see what we have seen. I was telling the permanent secretary this morning, how can there be garnishing order of $800m against the FCTA?

“How do you survive from it? Who are those responsible for this? That there are no projects in the territory, everything has been abandoned. There is a garnishing of $800 million.

“Do you know what we are talking about? How do we survive it? Go and see what happened? Garnishee orders here and there. The place is just corrupt. The Auditor General will talk to me later. It is terrible.

How do we survive it?

“Then you now said that we have come that we should do miracles, which miracle? Where will I get the money to go and pay $800m?”

Wike said.

He lamented that that the FCTA has only received N1 billion out of the N15 billion appropriated for it in 2023.

“If you do not tell the public what is on ground, the public will not appreciate it. So Nigerians will know what is going on. If you see the rots, these are things you should highlight and tell the world. But we cannot run away, we have to solve the big challenges. That is what we are here for.

“The president did not bring us here to begin to say you are my brother or sister. He brought here because things are bad, come and help us to see how we can change it. But we will try as much as we can to make the changes, with the support of everybody,” Wike said.

on the situation, Ngelale said, "President Bola Tinubu is watching developments in Gabon very closely with deep concern for the country’s socio-political stability and at the seeming autocratic contagion apparently spreading across different regions of our beloved continent.

"The president, as a man who has made significant personal sacrifices in his own life in the course of advancing and defending democracy, is of the unwavering belief that power belongs in the hands of Africa’s great people and not in the barrel of a loaded gun.

"The president affirms that the rule of law and a faithful recourse to the constitutional resolutions and instruments of electoral dispute resolution must not at any time be allowed to perish from our great continent.

"To this end, the president is working very closely and continuing to communicate with other Heads of State in the African Union and beyond towards a comprehensive consensus on the next steps forward with respect to how the crisis in Gabon will play out and how the continent will respond to the contagion of autocracy we are seeing spread across our continent."

On the conversation with Trudeau, Ngelale said the two leaders agreed to promote and protect constitutional orders in the African continent.

He said, "The president has had substantive extended discussions with the Canadian Prime Minister Justin Trudeau, where issues related to the crisis in Niger Republic and the unfolding situation in Gabon were discussed.

"The two Heads of State mutually agreed that the promotion and protection of constitutional democratic governance on the continent remains a paramount priority and that the people of Africa living in the diaspora around the world making a huge impact to the socio-political landscapes of countries around the world and the economies of countries around the world continue to urge on the global community to advance the course of democracy on the continent for the sake of the economic prosperity of all Africans.

"So, it is of frontline importance to understand that President Bola Tinubu would continue to engage with Heads of State, not just in the African Union, but also around the

world and those communications and engagements are on-going."

Meanwhile, Bongo, in a short video that went viral a few hours after the military leaders seized power, said, ”I am Ali Bongo Ondimba, President of Gabon. I want to send a message to all the friends we have all over the world to tell them to make noise.

“For the people here have arrested me and my family. My son is somewhere, my wife is at another place. And I am at the residence right now, and nothing is happening.

“I don’t know what is going on, so I am calling you to make noise, to make noise really (loud noise).

I am thanking you. Thank you.”

Bongo’s ‘Sound Sexy But, Doesn’t Work’ View on Term Limits Goes Viral

The ousted president of Gabon, Ali Bongo Ondimba, who earlier this month acknowledged the growing threat of military coups in Africa, had vowed it would not happen on his watch. He had had reasons in the past to bare his mind on sit-tight leadership on the continent.

“While our continent has been shaken in recent weeks by violent crises, rest assured that I will never allow you and our country Gabon to be hostages to attempts at destabilisation. Never!” he said recently when Gabon marked its 60 years of independence from France.

Almost five years ago, on October 9, 2018, the embattled Gabonese leader had said even though it sounded nice, the issue of term limits for presidents had serious challenges that tended to make it unworkable.

Speaking with Nigeria’s Professor Wale Adebanwi, Director of the Oxford Africa Centre, during a programme at Saïd Business School, Oxford University, United Kingdom, Bongo, who took questions from the audience, insisted that term limits did not work.

“What you're saying, you know, sounds nice,” he told one of the students in the audience, in a video that went viral after the coup, “but it doesn't work like that.”

He stressed that although he did not remove term limits in his country’s constitution, he also did Continued on page 27

AG A I N , M A N U FACT U R E R S G R OA N AS E C O N O M I C I N D I C ATO R S FA LT E R from 48.6 to 46.7 points.

It added that, “these operators were adversely affected by the exorbitant new premium rate for motor insurance and the abrupt subsidy removal which significantly worsened sales performance and increased the consumer’s preference for fairly used vehicles as a result of low purchasing power.”

On the major indicators that altered negatively in the Q2’23, the MCCI stated: “Production and distribution costs escalated by 17.3 per cent in the quarter under review.

“Capacity utilisation nosedived further by 5.6 per cent in the quarter under review from a contraction of 5.0 per cent witnessed in the preceding quarter.

“Volume of production contracted by 6.1 per cent in the quarter under review from a contraction of 13 per cent recorded in the previous quarter.

“Manufacturing investment dipped further by 5.6 per cent in the second quarter of 2023 from 3.0 per cent contraction recorded in preceding quarter.

“Manufacturing employment reduced further by 5.7 per cent in the second quarter of 2023 from

3.0 per cent contraction recorded in preceding quarter.

“Sales volume plummeted by 6.3 per cent in the second quarter of 2023 against the 13 per cent contraction witnessed in the preceding quarter; “Cost of shipment rose by 14.3 per cent in the second quarter of 2023 though witnessed a slowdown from the 20 per cent increase recorded in the first quarter of 2023.”

It, therefore, concluded that, “a critical evaluation of the analysis above provides an inference that major performance indicators of the manufacturing sector all recorded unfavorable changes.”

It attributed the deterioration the manufacturing sector experienced to the harsh business-operating environment evidenced by poor macroeconomic indices.

“The underperformance was largely driven by the slow recovery from the cash crunch, high cost of energy, high transportation cost and partially by the abrupt removal of subsidy that took effect towards the end of the second quarter of 2023.

“The economic turmoil disrupted the manufacturing value chain, escalated cost of manufacturing operations and resulted in reduction

in manufacturing patronage,” the report stated.

The MCCI added that, “sequel to the naira redesign and the new cash withdrawal limits by the Central Bank of Nigeria (CBN), the scarcity of both old and new naira notes across all banking halls and electronic payment channels in the country meted severe hardship on manufacturers.

“The prolonged crisis nearly crippled manufacturing companies with about 20 per cent and 30 per cent decrease in sales for consumer goods and cement respectively.

“The crisis impacted negatively on the manufacturers by directly limiting their working capital, thus halting their daily business operations. In addition, the naira scarcity crushed the consumer patronage of manufacturing firms and resultantly escalated their volume of inventories, especially for retail goods.

“By exposing the highly cashbased distributive trade sector to great risk, the economic crisis had severe consequences on the manufacturing value chain and cost of logistics.”

In addition, the report noted that manufacturing activities in

the second quarter of 2023 was adversely affected by escalation in the Consumer Price Index (CPI), continuous erosion in naira value and difficulty in accessing foreign exchange, as well as high cost of energy, exorbitant taxes, high lending rates, persistent, insecurity, domino effects of the lingering Russian-Ukrainian war, slow recovery from the cash crisis.

The report warned that Nigeria’s transition to a cashless economy required no urgency or policy aggressiveness considering that a lot of progress had already been made.

It stated that, “a comparative analysis of the country’s cashless status has shown that while the ratio of cash to GDP in Europe, United States of America and South Africa are respectively about 10 per cent, 6.0 per cent and 3.5 per cent while Nigeria’s ratio is impressively below 1.5 per cent.

“Therefore, achieving a full cashless economy should not be the pressing issue when there are tougher challenges of insecurity, exchange rate volatility, skyrocketing inflation, energy disruption, over bloated fiscal debt, dwindling foreign reserves, business collapses and daily divestments.”

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FOOD SECURITY ON THEIR MINDS...

L-R: MD/CEO, Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq,. President of All Farmers Association of Nigeria (AFAN). Farouk Mudi; Vice President Kashim Shettima and Deputy Chief of Staff to the President PHOTO: GODWIN OMOIGUI. office of the Vice President, Senator Ibrahim Hadejia, during Vice President's meeting with All Farmers Association of Nigeria at the Presidential Villa in Abuja... on Tuesday

Lagos Blue Rail Line to Commence Operation Monday To convey 175,000 passengers daily Segun James The Lagos Blue Line Rail System is to begin operation on Monday, the Lagos State Metropolitan Area Transport Authority (LAMATA) has disclosed.

Managing Director of LAMATA, Mrs. Abimbola Akinajo, who disclosed this at a press briefing yesterday, in Lagos, said Governor Babajide Sanwo-Olu would be joining the first commercial operation at Marina Station.

According to her, the “Governor would join the ride by 9am at Marina to kick start the operation.

“On the electrified tracks, people are not to cross on it and at the same time passengers are not eat or drink while on board of the train.

She explained that the delay in the operation since former President, Muhammadu Buhari inaugurated the Blue Line in January was as a result of some hitches which had been rectified.

Passengers are to pay N750 on a full journey but due to the directive of the governor of a 50 per cent reduction as a form of palliative, passengers are expected to pay N375 for now.

On daily basis, the train is to carry between 150,000 to 175,000 passengers.

Akinajo said, "There will be very first passengers on the ride.

Everyone on the ride must have cowry card. For the first couple of weeks, we will be having 12 trips.

“We will be gradually increasing

the operations. There will be stopping at every station from Marina to Mile 2. The stopping will be under 90 seconds and there will be a timetable.

"You need to understand the schedules. You need to catch up at the station at least one minute before train arrives, we will stop at every station because it is metro line. You can do the journey up to Mile 2 which is the terminal station for now.

“Please, under no circumstance should you cross the tracks because they will be energised. There are steps and platforms for those who want to cross. There is no alternative to lives."

She added that there would also be 76 trips at full operation which

would start from Tuesday, September 5, from 6:30am for four sections and the evening there would be another four sections.

Akinajo, explained, to ensure safety of the commuters, three are 300 cameras at the stations and staff have been trained for this purpose.

To ensure security, she disclosed that security operatives including those with plain clothes would be on board.

Continuing, she stated, "As you know, the Blue Line was commissioned by the former President in January and at the time, we had said to you, we will start operation in March.

“Unfortunately, we did not speed up the power delivery and we finally said to you we were

Nigerian Woman, Ezenwa-Onuaku, Receives U.S. President's Lifetime Achievement Award from Biden United States President Joe Biden has bestowed the US Presidential Lifetime Achievement Award on Dr. Charity Ezenwa-Onuaku, founder and president of WealthyGen Inc. The award, the highest form of community recognition bestowed by the US president, was ceremoniously presented to Ezenwa-Onuaku during the commemoration of the 2023 World Humanitarian Day in Houston, Texas, on August 19, 2023.

In her acceptance speech, Ezenwa-Onuaku expressed gratitude for the recognition and pledged to continue fostering financial empowerment and sustainable growth.

Through Financial Empowerment for Young Adults (FEYA), Ezenwa-Onuaku has empowered countless young adults. She has transformed the lives of over 50 widows in Nigeria with her Women Empowerment (WE) Project, enabling them to run businesses and support their families.

The honour is part of the President’s Volunteer Service Award (PVSA), which President George W. Bush established to honour civilians who volunteer to serve people in need. The Presidential Lifetime Achievement Award represents the highest level of the PVSA, given to individuals who contribute more than 4,000 hours of service in their lifetime.

Established in 2003 under Presi-

dent George W. Bush's Council on Service and Civic Participation, the award aims to honour outstanding contributions to communities. Charity Ezenwa-Onuaku's dedication to financial literacy through programs such as the FEYA and the WE Project caught the attention of US President Biden.

With her commitment and passion, Ezenwa-Onuaku exemplifies the spirit of the US presidential award, inspiring positive change

in communities at home and abroad.

She has also been slated for another major award by a prominent institution in America within days of receiving the US Presidential Lifetime Achievement Award.

In 2017, the World Bank Group awarded Ezenwa-Onuaku a Verified Certificate in Financing for Development.

Ezenwa-Onuaku is a social entrepreneur pursuing poverty alleviation through financial educa-

tion. She founded WealthyGen in 2018 with the mission to empower women and youth through financial education, developing tools, and implementing programs that help them advance on the path to achieving financial stability and sustainable growth.

In 2016, Ezenwa-Onuaku received a Certified Financial Education Instructor (CFEI) certification from the National Financial Educators Council (NFEC).

committed to other operations.

"So what we are here to do, to say where we are and where we are going to start commercial operation. We have been testing to ensure that the infrastructure and all the works that have been done are syncing excellently.

"So remember, this will be the first operation run by electric power.

So from that perspective, we have been very meticulous at ensuring

Kwankwaso’s NNPP Faction Insists He Remains National Leader Juliet Akoje in Abuja

The last is yet to be heard of the crisis rocking the opposition New Nigeria peoples party (NNPP) as members of the National Working Committee (NWC) of the party backed by Senator Rabiu Musa Kwankwaso, had insisted he remained their national leader.

National Chairman of the Kwankwaso-backed NNPP, Malam Kawu Ali,described all actions taken by the Agbo Major-led faction of the party as illegal and inconsequential.

Babayo Muhammed Abdullahi, speaking at the instance of the Major-led faction,had stripped Kwankwaso of his national leader status for allegedly engaging in discussions with President Bola Tinubu of the All Progressives

FG Mourns Designer of Nigerian Flag, Taiwo Akinkunmi Olawale Ajimotokan in Abuja and Kemi Olaitan in Ibadan The federal government has mourned the death of the designer of the Nigerian national flag, Pa Taiwo Akinkunmi, who died at the age of 84, at his family home in Ibadan, after a brief illness.

In a statement yesterday, Minister of Information and National Orientation, Alhaji Mohammed Idris, expressed sadness over the news of the demise of Akinkunmi, a national icon, whose contribution to national unity will remain indelible.

“The death of Pa Akinkunmi came at the time Nigeria was reinventing itself for peace, development and enduring national reconciliation; the country would miss the contribu-

tions of the deceased especially at this time that the Federal Government under President Bola Ahmed Tinubu is banking on the Renewed Hope Agenda to build on the national fervour that characterised Nigeria’s journey to independence.

“I am confident that Pa Akinkunmi will continue to live in the minds of Nigerians for generations to come,” Idris said.

He described the national flag, one of the revered national symbols as an asset for which Pa Akinwunmi has etched his name in the annals of Nigerian history.

“I, therefore, wish to use this opportunity to express my heartfelt condolences to his immediate family, praying that God will grant them the fortitude to bear this great loss,”

he added.

The late Akinwunmi, who studied engineering at the Norwood Technical College, London, designed the Nigerian flag in 1958 and was awarded 100 pounds by the government when his design was selected.

Earlier yesterday, his demise was announced via the Facebook account of one of his children.

He had written, “Life is indeed transient; I can say boldly that you live a life with a landmark. Continue to rest, my father! Pa Michael Taiwo Akinkunmi (O.F.R.): Great Man has gone.”

Akinwumi is a native of Abeokuta, Ogun State, but lived in Ibadan until his demise. He attended Baptist Day Secondary School, Ibadan, for his

that all the issues are dealt with including the provision of the power as a form of safety and operational modalities for all the passengers.

"We are here to say that we are completely ready in terms of all operational infrastructure. The reason we had delayed was that our power provision was some how delayed. But the good news is we have all those things on ground.

We will start operation.

primary education and Ibadan Grammar School, Ibadan, for his secondary education.

He started his career as a civil servant at the Secretariat of Ibadan and later travelled overseas to study Agricultural Engineering at Norway Technical College.

Akinkunmi in 1958, during his stay abroad, stumbled upon an advertisement in a national daily calling for the submission of designs for the Nigerian national flag in view of Nigeria’s imminent Independence from British governance.

His entry of green white green was adjudged the best among the roughly 2,000 entries submitted and the flag was officially hoisted on Independence Day (October 1, 1960) instead of the British Union Jack.

Congress (APC), Atiku Abubakar of Peoples Democratic Party (PDP), and Peter Obi of the Labour Party (LP), without the board’s authorisation.

However, Ali at a press conference in Abuja, yesterday, described the suspension of Kwankwaso as an exercise in futility, adding that, members of the Agbo-led faction had since been expelled from the party.

"Is it not funny that all those people either suspended or expelled would gather somewhere and claim to have suspended His Excellency, Senator Rabiu Musa Kwankwaso, PhD. FNSE, and also dissolved the NWC? The jokers also appointed a CTC made up of those people who have ceased to be members of the party by virtue of our Constitution.

Was INEC at the meeting? Did they write INEC? "Who and who signed the letter?

Is it not laughable that Majgr Agbo, who announced the suspension of the former chairmen, the expulsion of two of them, and the dissolution of some of the states is now purportedly ‘heading’ their caretaker committee?

“It is just unfortunate that some people have reduced politics and party administration to a huge joke.

The news that one person will sit somewhere and arrogate certain powers to himself is not permissible in a democracy" "We are using this medium to assure our supporters all over the country that there is no substance in the story. His Excellency, Senator Rabiu Musa Kwankwaso remains the face of the party, has not been suspended, and the NWC under Malam Abba Kawu Ali remains intact."

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STAKEHOLDERS MEETING ON COMPENSATIONS...

L-R: The Chief of Jiwa, Alh Idris Musa, Minister of Aviation, and Aerospace Development, Festus Keyamo and the FCT Minister, Nyesom Wike; during the Stakeholders meeting on compensations matters for the 2nd Abuja Airport Runway Project in Abuja ... yesterday PHOTO: KINGSLEY ADEBOYE

Shettima: North Requires Re-engineering, Re-strategizing to Hasten Development Says govt initiative underway to address challenges in north-west Deji Elumoye in Abuja Vice President Kashim Shettima has flayed the low level of development in the Northern part of the country saying much still needed to be done to fast track development in the area.

Speaking yesterday while playing host to a Coalition of Northern States Chambers of Commerce, Industry, Mines and Agriculture (CONSCCIMA) led by its President, Mallam Dalhatu Abubakar, in his office at the State House, Abuja, Shettima declared "we have to go back to the drawing board, re-assess the state of affairs in the North and come up with robust platforms of re-engineering our society."

According to him “it is imperative for the north to embark on the re-strategizing and re-engineering of the region in order to reposition it for accelerated development” Shettima, who was speaking to the leading industrialists and agents of change from the North, stated that “most of the issues highlighted by the President of CONSCCIMA are very poignant as these are issues that touch the lives and wellbeing of our people.”

The Vice President commended CONSCCIMA leadership for its commitment to the development of the north through various industrial projects that can effectively lead to development through partnership

with the Federal Government.

He observed that any society that seeks to achieve economic development must cultivate peace and stability, restating that “there can never be development without peace and there can never be peace without development.”

Shettima hailed President Bola Tinubu as a visionary and committed democrat for his passion to seek and achieve development through addressing the challenges of insecurity in the North especially in the North-west through the Pulaku initiative.

Explaining the initiative, he said “the Pulaku initiative is a robust solution towards addressing the challenges in the North-West. It is a solution aimed at addressing the challenges of armed banditry, kidnapping and the situation in the North-West which cannot be divorced from the issue of governance.

“Poor governance has a direct bearing on what we are harvesting in the North-West,” he stressed.

Earlier in his remarks, the leader of the delegation, Mallam Abubakar, expressed the readiness of its organisation to seek partnership with the Federal Government towards the revitalization of the economy in the North.

He highlighted some projects that can help to galvanize the economy of the North to include the revival of our moribound industries and

setting up of new ones; establishment of pharmaceutical industries,; establishment of modular refineries; recharging of the Lake Chad; completion of Mambila Power and other Power projects; acquisition of Kaduna Refinery and Petrochemicals Company.

In another development, the Vice President reiterated the value of the

traditional institution in the country.

Addressing a delegation led by the Chairman of the Nasarawa State Council of Chiefs, Rtd. Justice Sidi Bage Muhamamad I, Shettima expressed gratitude to the traditional rulers, the Government and people of the State for their love and support to President Tinubu during the last electioneering campaign.

FBN Holdings Plc has asked the Court of Appeal, Lagos Division, to nullify an ex-parte order granted

by Justice Nicholas Oweibo of the Federal High Court, which stopped the bank's Annual General Meeting (AGM).

The holding company, in a Notice of Appeal filed on its behalf by its team of lawyers led by Mutalubi Adebayo, also asked the upper court for an order allowing its appeal and an order directing that a different Judge of the Federal High Court Lagos be assigned to hear the substantive matter.

The lawyer further argued that the

lower court lacked the jurisdiction to grant the ex-parte order because the condition precedent under the Federal High Court Rules for the hearing of the suit was not met by the petitioners.

Three aggrieved FBN Holdings Plc shareholders - Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare - had approached the court presided over by Justice Nicholas Oweibo, seeking an order stopping the bank's Annual General Meeting scheduled for August 15 pending the hearing of their suit number FHC/L/ CP/1575/23.

In his ruling delivered on August

develop, the Vice President said Nasarawa State is home to all the solid minerals in the country, adding, “if we productively utilize our solid minerals, Nasarawa can be to the North what Lagos is to the South-West and can be the engine room in this region because of its proximity to the FCT; opportunities abound more in Nasarawa State,” he declared.

Ogun LG Chairmen Apologise to Abiodun, Say Governor Did Not Hijack Allocation James Sowole in Abeokuta Local government chairmen in Ogun State have denied the allegation that the state government had been diverting their funds, resulting in zero allocation to them.

This was even as Governor Dapo Abiodun, said he was disturbed by what he termed baseless allegation against him.

The council chairmen reportedly, visited the governor on Tuesday night with Mr. Wale Adedayo, the Chairman of Ijebu East Local Government, who made the allegation, to tender apology as they accepted that mistakes had been made.

Speaking at the meeting in his

office at Oke-Mosan, Abeokuta, attended by 18 out of the 20 chairmen, Abiodun expressed surprise at the allegation, noting that rather than starving the local governments, he had made several interventions on their behalf to lessen their burden.

Abiodun said he had always been supportive of the councils because they are an integral part in the march towards the development of the state.

He said: “Where there is no information, there is misinformation.

When I read in the news media yesterday that I, Adedapo Abiodun, the privileged Executive Governor of this State for the second term, is being accused of diverting funds

FBN Holdings Asks Appeal Court to Nullify Ex-parte Order, Says Judge Lacks Jurisdiction Wale Igbintade

Acknowledging the role of the traditional rulers, he said “you are the custodian of our rich cultural heritage, the people listen to you more than us because you are the closest to the people. We appreciate you and value you because you are our link to the past.”

While urging the people of the State to be peaceful in order to

9, 2023, Justice Oweibo, had directed FBN Holdings Plc not to hold its scheduled and statutory AGM until the issues before the court were resolved.

However, FBN Holdings Plc, in its appeal filed on six grounds of law, urged the appellate court to set aside the ex-parte order and that it should assign the matter to a new judge for hearing.

The appellant argued that the trial judge erred in law when he granted the prayer sought by the respondents in their Motion ex parte dated August 8, 2023, while they were seeking the same relief in their substantive suit before the same court.

Adebayo contended that by

granting the respondents’ prayer, the judge prejudged the substantive issues even before they were heard.

The lawyer also submitted that the lower court lacked the jurisdiction to entertain the respondents’ suit and also to grant the prayers sought in the motion ex parte when the condition precedent for the hearing of urgent action during the long vacation of the court was not fulfilled.

He further maintained that the judge erred in law when he granted the order to restrain FBN Holdings from complying with the statutory duty under Section 237 of CAMA 2020 to wit, holding its Annual General Meeting.

meant for a local government, I said to myself perhaps it must be another Adedapo Abiodun and not me.

"God knows that this job, I am doing it with every iota of sincerity of purpose. I continue to ensure that I am guided by all the promises I made in the course of my journey to the governor's office.

‘I continue to remind myself that I am holding this public office in trust as a trustee for and on behalf of all sons and daughters of this state and I will continue to be dogged, irrevocably committed to developing every part of this state equitably and fairly.

"I will continue to respect that beside the state government, there is also another tier and we are charged with the responsibility of building the future of this state.

"So, I began to wonder how could anyone possibly begin to imagine that I will divert funds meant for another tier of government when my party, the APC, had formed government 100 percent in that tier particularly.

“It is not as if I am trying to punish some council chairmen who are not in my party. State government, local government are all one family.”

Abiodun said his administration worked tirelessly to ensure the emergence of the council bosses and therefore could not engage in any act that could retard development at the grassroots.

He also disclosed that he, along with two other governors had impressed it on President Bola Ahmed Tinubu to help with a separate intervention funds for

the local governments.

He added, “I know what I committed to ensuring that we are all successful when you were contesting either at the primary level or at the general elections. “So, how will I be able to explain to my conscience that having done all that, having vowed, having pledged, having been committed to the development of this state, as evidenced across the length and breath, how would I justify stifling the local government.

“I know what myself and two other governors advanced before our president in the last two weeks about the need for the federal government to provide separate interventions just for the local government. So naturally, I have been taken aback.”

The governor acknowledged the place of disagreement in human relationship, adding that there should be roundtable discussions to find solutions to any vexed issues instead of resulting to misrepresentation and character assassination.

Speaking earlier, Chairman of Ijebu-Ode Local Government, who also double as the Association of Local Government of Nigeria (ALGON) Chairman in the state, Hon. Emilola Gazal, told the governor that the visit was to acknowledge the mistakes that were made and to beg for forgiveness.

Gazal acknowledged that the governor had at no time interfered in the distribution and sharing of local government funds from the federation account.

According to him, as the leader, the governor was bound to be insulted, but he must forgive and forget.

THURSDAY AUGUST 31, 2023 • T H I S D AY

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T H I S D AY ˾ THURSDAY AUGUST 31, 2023

POLITICS

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

Stakeholders at Daggers Drawn over Vacant APC NWC Positions The election of six new members of the National Working Committee of All Progressives Congress last Thursday almost threw the party into confusion before a compromise was reached, Adedayo Akinwale reports.

Ganduje

T

he National Chairman of the All Progressives Congress (APC), Dr. Abdulahi Ganduje, received his first baptism of fire last week when the leadership of the party announced the newly elected members of the National Working Committee (NWC).

The six vacancies emerged following the resignation of three members, the ministerial appointment of two and the death of the former National Welfare Secretary, Friday Nwosu in March this year.

The leadership of the party last Wednesday announced Hon. Duro Meseko (Kogi State) as Deputy National Publicity Secretary (North Central Zone) to replace Yakubu Ajaka, just as Ikani Shuaibu Okolo (Kogi State) takes the position of Zonal Organizing Secretary (North Central).

Similarly, the party announced Mary Alile Idele, from Edo State as National Women Leader (South South Zone), instead of Dr. Stella OdeyEkpo, the candidate of the Minister of Humanitarian Affairs, Beta Edu. Idele happens to be the candidate of former National Chairman of the party, Senator Adams Oshiomhole.

Shortly after the announcement, Edu stormed the national secretariat around 6.20pm to protest the replacement of her candidate who had already practically resumed office and left around 45 minutes later.

Interestingly, the position which was micro zoned to Cross River state was allegedly hijacked for Edo state by Oshiomhole, a development which did not go down well with the Cross River state governor, Bassey Otu. For Abia State, it was equally alleged that the candidates recommended by both the Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu and the State Chairman, Ikechi Emenike, both lost to the candidate of Governor Hope Uzodinma of Imo state.

Following the announcement of the approved names, the National Secretary of the party, Senator Ajibola Basiru, also revealed that their inauguration was scheduled to take place last Thursday at the party’s national secretariat in Abuja by 1pm.

Meanwhile, the announcement of Meseko infuriated the Governor of Kogi state, Yahaya Bello, who drove to Abuja on Wednesday night and headed straight to the residence of Ganduje.

The meeting was however fruitless as they were unable to reach a compromise. Bello had insisted that the two positions micro-zoned to Kogi that were given to the candidates of Hon. James Faleke be dropped for his own candidates.

The governor had anointed his ex-Special Adviser on Water Resources, Yahaya Ismail who was dropped in favour of Meseko for the position of Deputy National Publicity Secretary.

Investigations revealed that Ganduje had told Bello that Meseko was given the position to compensate Faleke for withdrawing from Kogi governorship primary and for not making Tinubu’s ministerial list, but Bello insisted that he won’t be cowed into accepting the deal.

Bello, who will not take no for an answer, stormed the national secretariat of the APC in the early hours of Thursday before the scheduled

Bello inauguration as he insisted that Meseko be replaced with his candidate.

The secretariat of the ruling party was practically turned into a war zone with men of the Nigerian Police Force numbering about 100 taking over the place to avoid breakdown of law and order.

Hours after Bello’s arrival, a number of Kogi lawmakers from the Senate and House of Representatives arrived at the party’s secretariat.

While the waiting game continued, an emissary came to invite Meseko for a meeting with Bello.

Barely 30 minutes after the closeddoor meeting, the delegation came out of the secretariat fuming that they wouldn’t accept the deal.

One of the supporters of Meseko said: “Just imagine the way the governor and those lawmakers were harassing him.

They wanted to know why he didn’t turn down the appointment when he was offered. But when Hon. Mesoko insisted that he deserved it having worked for the party at the State level and for the victory of Asiwaju, they told him to resign immediately or risk jeorpadising his political career in Kogi.

“According to them, they can all go back to Kogi for reconciliation talks if he agrees to withdraw from the deputy spokesman’s position but we told him not to be bullied into taking the decision and left.”

Expectedly, the Kogi State chapter of APC dissociated itself from the choice of Meseko. Kogi State APC Chairman, Abdulahi Bello, in a statement issued Thursday said the choice of the deputy publicity secretary-designate did not emanate from the state.

He maintained that the move was a clear contravention of the party’s constitution by known agents of distabilisation.

Bello noted: “Consequent upon the resignation of the two officers from the

Oshiomhole party, the Kogi State All Progressives Congress under the leadership of the Governor, Alhaji Yahaya Bello met to ratify and forward names of replacements for the national and zonal officers that left the party.

“The State Chapter ratified Hon. Yahaya Ade Ismail as the new Deputy National Publicity Secretary and Hon. Isiaka Musa as the Zonal Organising Secretary for North Central; and in line with the provisions of our constitution, communicated the ratified replacements to the National Working Committee through the North Central Zonal Chairman of the Party.

“To our dismay, the National Working Committee came up with strange names which didn’t pass through the State Chapter nor the North Central Zone of the party and purportedly went ahead to ratify them, citing “Presidency interest” as the rationale for their action. We strongly reject the action as we will not be parties to the blatant and flagrant violation of our party’s constitution.

“Our belief in Mr President as a man who respects the Constitution of our party and a man who believes in due process is unshaken in the face of the current confusion foisted on the party by people dropping the name of the President to achieve their selfish aims.”

To this end, Kogi APC called on NWC to reverse the “unconstitutional replacements” done without the ratification or approval of the state chapter of the party.

The Kogi APC chairman maintained that the leadership of the party must revert to the ratified list that emanated from the state chapter of the party because they occupy those offices on behalf of the State Chapter of the party.

Nevertheless, while Kogi stakeholders were digging it out with the leadership of the party, a group of protesters stormed the national headquarters of the party.

The protesters who threw caution to the wind engaged the stern-looking policemen in a shouting match after they were stopped from gaining access to the secretariat.

The protesters were carrying placards with various inscriptions like, “We say No to daylight robbery”; “Cross River must reclaim the Women Leader’s list” and “Cross River, the only APC

Investigations revealed that Ganduje had told Bello that Meseko was given the position to compensate Faleke for withdrawing from Kogi governorship primary and for not making Tinubu’s ministerial list, but Bello insisted that he won’t be cowed into accepting the deal. Bello, who will not take no for an answer, stormed the national secretariat of the APC in the early hours of Thursday before the scheduled inauguration as he insisted that Meseko be replaced with his candidate. The secretariat of the ruling party was practically turned into a war zone with men of the Nigerian Police Force numbering about 100 taking over the place to avoid breakdown of law and order.

state in South South,” among others.

Addressing newsmen on behalf of the protesters, Bukkie Okaigbe, said it would be unfair for the leadership of APC to take away the slot of the National Women Leader from Cross River under the guise that the president has honoured the state with two ministers.

Her words: “The reason we are protesting here today is very clear. It is about the position of the national women leader that Betta Edu left and by the grace of God, she is now the Minister for Humanitarian Affair.

“According to the party’s constitution, we are supposed to continue with the slot because it is an elective post. Right now, we don’t know what is happening in the party.

“Feelers have it that they have chosen somebody else from another state to replace our nominee. So we are here to pass a message that our people from Cross River cannot be intimidated.

“As you know, Cross River is arguably the only APC state in the South South and one of the states that delivered Asiwaju. We are therefore pleading with the party to do the right thing.

“If they have to replace anybody, it has to be from Cross River. As we speak, there are so many women that are on their way to Abuja to continue the protest. So we don’t want anything to come between the Renewed Hope government and Cross River.”

After waiting a whole day on Thursday for the party’s National Chairman at the party secretariat, Bello later left for Ganduje’s residence where he finally struck a deal around midnight.

Checks revealed that at the meeting, the governor was asked to nominate a replacement for the Zonal Organising Secretary (North Central) while the nomination of Meseko as Deputy National Publicity Secretary stands.

After a series of negotiations and consultations with other stakeholders, based on the proposal of the National Chairman and in the interest of peace and exclusivity, the governor is to nominate the replacement for Hon. Ikani Okolo earlier nominated as Zonal Organising Secretary (North Central).

Also, Abia APC caucus and stakeholders rejected the process employed in replacing late Nwosu as the National Welfare Officer and the representative of Abia state in the NWC. Addressing a press conference on behalf of Abia caucus on Friday in Abuja, Senator Chris Adighije said considering that Abia APC does not have a Governor and that the Deputy Speaker, Hon. Ben Kalu who is the leader of the party in the state and the stakeholders were not carried along by the NWC in reaching their decision, “we hereby call on our National Chairman and the NWC to revisit their earlier decision.”

Speaking at the inauguration of the six NWC members on Friday night, Ganduje said there was no doubt that during the last meeting of the National Executive Committee (NEC) of the party, the NWC was mandated to undertake some tasks on behalf of NEC. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430

Promoting Talents through Sporting Activities, the Nigerian Navy Way As part of efforts to contribute to national development through respective sporting activities, the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla is bent on promoting talents by supporting and encouraging sports development in all commands, Chiemelie Ezeobi reports

S

porting activities are undeniably the bedrock of naval operations, because such sporting activities and physical training are the foundation of the daily mental and physical routine for service ashore and at sea.

And over the years, the service has succeeded in identifying many talented athletes that keep representing the country in various international tournaments. It is for this reason and the benefits derivable from participating in sports that the Nigerian Navy pays particular attention to daily routine and programmed periodic sports engagements.

Recently, the navy held its Naval Training Command (NAVTRAC) Games 2023 under the leadership of the Flag Officer Commanding (FOC), Rear Admiral Patrick Nwatu.

At the closing ceremony, the Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, vowed to promote talents by supporting and encouraging sports development in all commands as part of efforts to contribute to national development.

The CNS, who was represented by Rear Admiral Noel Madugu, Admiral Superintendent Naval Ordinances Depot (NOD), made the vow at the closing ceremony of the NAVTRAC Games 2023 which held from August 20 to 26 at Nigerian Navy Sports Complex, Navy Town, Ojo. The CNS said the encouragement and support would promote talents and also contribute to national development through sporting activities.

"This game started some few days ago with high hope and expectations by the competing athletes to win laurels and emerge as overall winners, I hope these wishes were fulfilled.

"Therefore, it is my honour to welcome all our guests and well-wishers to this auspicious event marking the end of the five days sporting fiesta that lived up to its biddings.

I am delighted to give this closing remarks.

"I wish to reiterate here that, the quality of competition displayed by the athletes under a thorough and fair officiation is quite commendable. I therefore expressed my complete confidence that athletes, officials, invited guests and indeed professional sports scouts enjoyed the event.

"Thus, both winners and losers are victors and you should be proud of your performances. It is my sincere advise that you carry with great resolution your efforts into future competitions.

"I appreciate the honour of being here to once again witness the impressive events and displays to mark the closing of the NAVTRAC Games 2023. To this, I say well done to the Flag Officer Commanding Naval Training Command, athletes, Officials and organisers for putting up this beautiful display.

"Permit me to reinforce your confidence that the Nigerian Navy will continue to give necessary supports and encouragement to sports development in all commands. This is to promote talents and also contribute to national development through sporting activities such as this.

"The new talents discovered during this event will be harnessed for future competitions and please don’t rest on your oars. Continue to practice your skills for greater future that awaits you in the ever-promising global sports industry.

"Importantly, I believe the professional scouts have identified individual talents for engagement. Let me mention here that the Nigerian Navy doors are opened to welcome collaboration with relevant stakeholders in sports development for both local and international exposures," he said.

The CNS added that it was his moral duty to "order our sports men and women to remain loyal and dedicated to the service of the Nigerian Navy and allegiance to the nation."

"We shall continue to see sports as a national symbol for unity. Past and recent events have shown that sports is a unifying factor for the heterogenous constituents of this great nation and collectively we are duty bound to uphold this civil responsibility of one indivisible Nigeria' he said.

FOC NAVTRAC, Rear Admiral Patrick Nwatu (fifth left); Admiral Superintendent NOD, Rear Admiral Noel Madugu (sixth left); CO NNS WEY, Commodore Mohammed Dahiru (third right); and other senior officers at the event

The athletes that participated in the NAVTRAC Games

CNS, Vice Admiral Emmanuel Ogalla The CNS added that the military has always been involved in sports and it is one of the traditions in the military but in recent times have not really had intra-Command competition.

"So, this time we are having the competition at the instance of the Flag Officer Commanding, Navy Training

Command. This will go a long way in keeping our men fit both physically and mentally. So, that's why we need to be having this competition more regularly than what it used to be.

"Introducing sports also goes a long way in keeping the officers fit and this fitness is paramount in military. With competitions

like this, we are actually enhancing the capacity of the men that participated. We are equally encouraging others to be part of it.

"Having watched the finals that was played today, I'm sure you were entertained. Other people who were watching we're almost jumping into the field to participate because of the excitement.

"Besides the physical aspect of the training, these games also foster unity and creates an avenue for bonding among the participants.

The competition brings people from different units who may not have seen themselves since the days in the training school.

"The FOC NAVTRAC has done a great thing by organising this competition and I commend his efforts. Other Commands will begin to emulate what he has done and in no time this could become a regular event in the Navy," he said.

On his part, the Flag Officer Commanding, Naval Training Command, Rear Admiral Patrick Nwatu, who commended the CNS for his support towards making the games a successful one, said it will improve the Nigerian Navy's fighting efficiency.

"We want to thank the Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ikechukwu Ogalla for his overriding decision to ensure the Navy boasts an agile force that depends the nation.

"Riding on that initiative from the CNS, we decided that the Command should institutionalise competitions like this. It didn't take too long for us to catch the initiative the CNS has for the Navy and this is one of the outcomes of the new Nigerian Navy under the CNC, Vice Admiral Ogalla.

"I'm also certain that many more similar initiatives will spring up across the Navy and this will improve our fighting efficiency amid all the troubles the nation is going through.

"With the enormous security challenges in the country, it is pertinent to have the Navy fit and this is one of the ways to achieve that.

We are starting from this level but we expect it to grow bigger to enable the Navy become the best fighting force in Africa," he said.

The FOC said that the games which will become an annual event is also part of National security as it keeps the officers fit and combat ready.

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THURSDAY AUGUST 31, 2023

Impending 5G revolution promises to unleash unprecedented possibilities for sustainable growth, writes FADI PHARAON

JOSEF OMOROTIONMWAN argues that many of the committees in the National Assembly are unnecessary

UNLEASHING SUSTAINABLE DIGITAL STILL ON NASS COMMITTEES: TRANSFORMATION IN NIGERIA ALL CHIEFS, NO INDIANS The profound impact of mobile connectivity on Nigeria’s society and economy cannot be overstated.

The surge in digitalization, driven by robust mobile network infrastructure and innovative policies, has ushered in a new era of possibilities.

This blog delves into the transformative power of connectivity in Nigeria, illuminating its role in catalysing sustainable development across various sectors.

Empowering innovation and sustainable progress: In recent years, Nigeria has witnessed an unprecedented surge in digitalization, with mobile network access assuming a pivotal role.

The proactive investment in telecom infrastructure

has paved the way for the widespread adoption of 4G technology, and the nation is stepping into the 5G era. This development has been facilitated by the Nigerian government’s strategy to leverage digital technology to diversify its economy away from reliance on hydrocarbon revenue (Oxford Business Group). Importantly, the government has established a conducive telecom policy environment where the right mix of spectrum has been allocated for the mobile industry, underpinned by the principle of spectrum neutrality.

A strong ICT (Information Communication Technology) ecosystem is essential for efficient modern economies, enhancing business operations, public services, and job creation (Oxford Business Group). Mobile connectivity serves as the bedrock of innovative solutions and services that span diverse industries, underpinning Nigeria’s digital transformation. With high-speed mobile broadband, consumers and businesses are gaining access to new types of services for both entertainment and productivity, accelerating the potential for positive effects on a societal level.

Let us look at a few examples of this transformation.

The concept of the workplace has undergone a profound transformation, with remote and hybrid work models becoming part of the norm. A recent Ericsson ConsumerLab study even found that Nigerians today are working from home as much as, if not more than, during the pandemic. Over 65% of respondents now engage in remote work at least once a week, citing reliance on mobile broadband solutions – 3G/4G/5G routers or smartphone tethering – for home connectivity.

Another impactful enabler is mobile money, which is playing a pivotal role in enhancing financial resilience, driving higher savings among Nigerian households, and fostering financial inclusion of the unbanked. Unlike traditional cash transactions, mobile money offers transparent and secure electronic record-keeping, fostering payment security and economic formalization.

The Central Bank of Nigeria’s introduction of the payments service bank (PSB) license has catalyzed massive growth in registered agents – and jobs

– and expanding mobile financial services to a broader consumer base (GSMA). Facilitating mobile payments is particularly important in a market like Nigeria, where 90 percent of businesses are small and medium-sized enterprises (SMEs) and contribute 80 to 90 percent of all customer-tobusiness (C2B) payments (McKinsey).

Looking ahead, ICT possesses the ability to assume a key role in preventing climate change, empowering Nigerian industries to transition toward a low-carbon economic framework.

Insights from Ericsson’s research show that ICT solutions have the potential to curtail worldwide greenhouse gas emissions by as much as 15% by 2030.

Expanding 4G towards the 5G future: In the near term, there is a need for continued investments in 4G networks in Nigeria to build on the momentum of the uptake. While the 4G penetration rate continues to rise, significant portions of the population still lack access or remain on older network generations. The affordability of 4G devices remains a challenge, although promising strides have been made in recent years.

A key accelerator to 4G growth is to have the right technologies and the right solutions that fit the reality of the specific market, while also facilitating the way towards 5G. Ericsson’s Radio 6626, which was developed for the specific needs of our African customers, is a good example. This radio can essentially do the job of six legacy radios, bringing tangible OPEX and energy savings by minimizing power consumption by up to 50% and reducing weight on the tower. We have now deployed this radio with around 30 customers in 20 countries in Africa, and it is greatly contributing to the growth of 4G availability and paving the way for 5G introduction.

Embracing the exciting possibilities of the future, Nigeria embarked on its 5G journey last year. Communication Service Providers (CSPs) are already crafting their 5G strategies to cater to the evolving needs of both consumers and enterprises. Over time, 5G can enable groundbreaking consumer and enterprise use cases, such as AR (Augmented Reality) or VR (Virtual Reality) gaming, connected mines, and automated ports. Realizing such transformative use cases demands robust, high-capacity 5G networks, and widespread adoption hinges on the availability of 5G devices at an accessible price point.

But in the early stages of 5G, before the device ecosystem is relevant for the mainstream users in Nigeria, we believe that there is enormous potential for home broadband, which can be captured by leveraging 5G. With relatively low xDSL and fiber penetration in the country, Fixed Wireless Access is an early use case for service providers to monetize their 5G networks, and we are seeing an increased focus from Nigerian CSPs in this space. Offering wireless home broadband and TV services makes a lot of sense in many locations where fiber is not accessible.

Nurturing the digital talent of Nigeria: We strongly believe in the importance of education and nurturing digital talent for economic development, and we are working actively with our partners to build the right foundation to propel the digital ecosystem in Nigeria.

On a foundational level, Ericsson is a partner to the ITU (International Telecommunication Union) and UNICEF Giga initiative to connect schools to the internet.

Pharaon is the president of Ericsson, Middle East and Africa

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17 4

T H I S D AY

THURSDAY AUGUST 31, 2023

EDITORIAL

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

THE COUP BUG BITES GABON The coup in Gabon points to a deeper problem in Africa’s democracy

R

ecent footages of Ali Bongo Ondimbo may have presaged the military coup that yesterday toppled the 56-year-old Gabonese President, who succeeded his father, Omar Bongo (who ruled the country for 42 years until death in 2009). The younger Bongo, recovering from a debilitating stroke, was looking frail and pitiful which made his public appearances more of a national embarrassment. Yet, he clung to power until he was toppled in a military coup, barely four days after winning a controversial election that would have JLYHQ KLP D WKLUG WHUP LQ R΀FH In typical African sit -tight tradition, the Bongo family has ruled over Gabon for a total of 55 years.

But in a television photo opportunity that has become typical of the recent Franco-phone coups, a group of soldiers appeared on Gabonese national television to announce their decision to seize the reins of state power ‘in the name of the Gabonese people’ after declaring the weekend’s SUHVLGHQWLDO HOHFWLRQV DV ÁDZHG DQG GXELRXV Typically, they have suspended the constitution. They have also placed the ousted president under house arrest and arrested one of his sons for ‘high treason.’

The coup in Gabon is coming barely two months after the one in Niger which is still at the centre of diplomatic attention in West Africa. The Gabon episode would seem to be part of a series of recent coups that have ravaged Franco-phone Africa spanning Guinea, Mali, Burkina Faso, Chad, Niger and now Gabon. The previous coups have been advanced and marketed as the result of a series of identical causes ranging from insecurity from jihadist terrorists and insurgents to economic adversity and political misrule by leaders enthroned by democratic elections.

It requires reiterating that part of the audacity of the new crop of French speaking African coupists is the result of recent disengagement of France from

its potentates on the continent. The withdrawal is mostly the result of a revolt by these African countries against the extant exploitative colonial era relationship with France. Under the terms, France retained tight control over the international ÀQDQFLDO WUDQVDFWLRQV RI WKHVH IRUPHU FRORQLHV DV well as curtailed the autonomy of their central banks, PDNLQJ WKHP VXEMHFW WR )UHQFK VXSHUYLVLRQ DQG ÀQDO authorisation.

Meanwhile, the recent serial disengagement from its African outposts has also removed the safety switch of ready French intervention and stabilisation forces which used to be the guarantee against instability and security threats in these countries.

And in the absence of standby French forces, the frail armies of these countries have taken an easy recourse to coups - often just involving a television group photo opportunity by a collective of mutineers and ambitious soldiers.

That is why leaders on the continent should be concerned.

The frenzy of coups in West and Central Africa may end up destabilising not just the region but also upsetting an already stressed global big power equation. The decline RI )UHQFK LQÁXHQFH DQG PLOLWDU\ SUHVHQFH LQ WKH region exposes Western-oriented countries in West and Central Africa to direct jihadist insurgency and terrorism. More dangerously, West and Central Africa are now under the immediate direct threat RI 5XVVLD·V DPELWLRQ DQG LQÁXHQFH WKURXJK WKH conspicuous presence and activities of the Wagner *URXS RI PHUFHQDULHV DOO RYHU WKH DͿHFWHG FRXQWULHV For Africa, the recent spate of coups challenges RXU OHDGHUV WR LQFUHDVH FRQÀGHQFH LQ GHPRFUDF\ E\ ensuring that the processes and practice of civil rule meet the hopes of the people. For the free world, there LV D FOHDU DQG XUJHQW WDVN RI UHVWRULQJ FRQÀGHQFH LQ democracy by using diplomatic pressure to roll back the specter of coups in Central and West Africa.

For Africa, the recent spate of coups challenges our leaders to increase confidence in democracy by ensuring that the processes and practice of civil rule meet the hopes of the people T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS JUST THE SAME OLD STORIES… Continued from the backpage , DOVR VSRNH ZLWK 'U 0DWWKHZ 2ͿRGLOH D FRQVXOWDQW H[SORration hydrogeologist and Managing Director of Mecon Geology and Engineering Services, Jos who is regarded as one of WKH IRUHPRVW H[SHUWV RQ WKH LVVXH RI ÁRRGLQJ LQ 1LJHULD +H shared insights on the huge amount of water from the Lagdo 'DP WKDW KDV EHFRPH D PHQDFH WR 1LJHULD 7R 2ͿRGLOH WKH Cameroonian authorities are doing what they are supposed to do to avoid an even greater catastrophe. “But on our part, we GR QRWKLQJ WR PLWLJDWH WKH GRZQULYHU HͿHFW :H KDYH VXJJHVWed that a practical solution would be to create a dam on the upper arm of the Benue River around Yola (Adamawa State capital) to divert part of the surplus water northwards into the large area of the Chad Basin through River Yedsaram”, he said.

“The large excess volume of water would serve the dual purpose of not only irrigating the large expanse of the Chad baVLQ ODQG EXW SRVVLEO\ UHÀOO WKH /DNH $OR DQG PD\ EH H[WHQG WR Lake Chad itself. This will be a purely Nigerian project which unlike the transfer from the Congo basin being suggested in some quarters, is devoid of all international encumbrances of

the neighboring countries.”

In the column under reference, I highlighted the suggestions E\ 2ͿRGLOH RQ ZKDW ZH QHHG WR GR WR WXUQ WKH ZDWHU IURP /DJdo Dam into opportunities. But who pays attention to these things? “Unless Nigeria embarks on these major structural GHYHORSPHQWV DOO HͿRUWV DW RXU DQQXDO ULWXDOV DW ULYHU JDXJH measurements and forecasts will be postponing the evil day and in vain,” the octogenarian told me last October. Since I don’t know what I can possibly add to that, its better I join the prayers that God should have mercy on us as the water from /DJGR 'DP LQ &DPHURRQ EHJLQV WR ÁRZ LQ Although I have elected not to write today, it may be important for the African Union (AU) leadership to pay closer attention to Cameroon, given what just happened in Gabon. Paul Biya, who clocked 90 in February this year, was Prime Minister from 1975 to 1982 when he became President and has been in power ever since. Although Biya spends most of the time in WKH OX[XULRXV ,QWHUFRQWLQHQWDO +RWHO LQ *HQHYD 6ZLW]HUODQG and is almost always out of circulation when in Cameroon due to ill-health combined with old age, he still calls all the shots through surrogates. That explains why his supporters are al-

ready preparing for the 2025 presidential election when Biya is expected to be on the ballot again!

Still on Gabon, let me rehash the conclusion of my column ten years ago after the coup that brought General Abdel Fattah El-Sisi to power in Egypt: “…All said, what happened in Cairo is a good warning to the powers-that-be at home that ZH FDQQRW DVVXPH LQGHÀQLWH LPPXQLW\ DJDLQVW WKH WKLQJV WKDW provoke outrage in other countries. Tahrir Square is perhaps nearer than we may be ready to concede as our people can see around them the combination of factors that are fuelling protests from Rio to Cairo. Worse still, our population distribution in favour of young people makes us prone to impatient revolt.

Nobody should therefore be under any illusion that the tide of violent rejection of substandard governance blowing across the world will elude us simply because ‘this is Nigeria’. Those who have ears…”

To all my readers, I tender my unreserved apologies for not writing this week. By the grace of God, this column will resume next week.

Olusegun Adeniyi, Abuja

18

THURSDAY, AUGUST 31, 2023 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 29Aug-2023, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.69% AIICO Balanced Fund 4.48 4.57 32.90% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.32 30.21 33.63% ARM Discovery Balanced Fund 636.55 655.74 22.12% ARM Ethical Fund 50.43 51.95 11.78% ARM Eurobond Fund ($) 1.15 1.15 2.12% ARM Fixed Income Fund 1.14 1.14 2.57% ARM Money Market Fund 1.00 1.00 9.19% ARM Short Term Bond Fund 1.04 1.04 0.51% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 99.19 99.19 9.22% AVA GAM Fixed Income Naira Fund 1,115.50 1,115.50 4.19% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 5.40% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.02% Paramount Equity Fund 23.83 24.34 39.86% Women's Investment Fund 180.21 183.42 29.02% CHD Nigeria Bond Fund 99.16 99.16 12.01% CHD Nigeria Dollar Income Fund 1.01 1.01 11.27% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.39% Cordros Milestone Fund 152.76 153.96 19.45% Cordros Fixed Income Fund 107.90 107.90 10.10% Cordros Halal Fixed Income Fund 104.84 104.84 5.86% Cordros Dollar Fund ($) 112.96 112.96 7.25% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.33% Coronation Money Market Fund 1.45 1.46 27.06% Coronation Balanced Fund 1.39 1.39 2.10% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.58% Legacy Debt Fund 3.52 3.52 -1.42% Legacy Equity Fund 2.58 2.64 29.40% Legacy USD Bond Fund 1.30 1.30 3.59% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A FSDH Dollar Fund N/A N/A N/A

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.79 1.82 12.12% Lotus Halal Fixed Income Fund 1,194.43 1,194.43 6.82% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.30 103.30 11.72% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.00% Norrenberger Dollar Fund (NDF) ($) 102.90 102.90 12.12% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.98 2.04 26.56% PACAM Fixed Income Fund 11.81 12.20 7.30% PACAM Money Market Fund 10.00 10.00 10.16% PACAM Equity Fund 1.94 1.98 37.08% PACAM EuroBond Fund 127.30 131.31 14.70% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 160.91 165.37 -0.89% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,683.45 4,722.21 38.18% Stanbic IBTC Bond Fund 253.08 253.08 7.43% Stanbic IBTC Ethical Fund 1.94 1.97 55.16% Stanbic IBTC Guaranteed Investment Fund 345.21 345.21 10.24% Stanbic IBTC Iman Fund 377.63 382.54 61.76% Stanbic IBTC Money Market Fund 1.00 1.00 9.32% Stanbic IBTC Nigerian Equity Fund 16,875.61 17,074.84 54.54% Stanbic IBTC Dollar Fund (USD) 1.43 1.43 10.60% Stanbic IBTC Shariah Fixed Income Fund 125.61 125.61 7.44% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 122.10 122.10 14.78% Stanbic IBTC Absolute Fund 4,844.93 4,844.93 13.89% Stanbic IBTC Aggressive Fund 4,801.23 4,858.79 72.65% Stanbic IBTC Conservative Fund 5,052.38 5,078.01 32.80% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.25 1.27 37.37% United Capital Balanced Fund 1.71 1.72 31.71% United Capital Wealth for Women Fund 1.33 1.34 23.87% United Capital Sukuk Fund 1.14 1.14 11.47% United Capital Fixed Income Fund 1.90 1.90 6.81% United Capital Eurobond Fund 122.09 122.09 5.70% United Capital Global Fixed Income Fund 1.05 1.05 8.50% United Capital Money Market Fund 1.00 1.00 9.38% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.29 6.39 56.13% Vetiva Consumer Goods Exchange Traded Fund 10.59 10.69 80.56% Vetiva Griffin 30 Exchange Traded Fund 23.77 23.97 34.23% Vetiva Money Market Fund 1.00 1.00 0.00% Vetiva Industrial Goods Exchange Traded Fund 28.42 28.62 42.01% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

121.94 55.11 101.48 10.04

7.15% 3.94% -12.08%

Bid Price

Offer Price

Yield / T-Rtn

21.35 120.08 256.52 17.40 16.40

21.45 120.08 256.52 17.50 16.50

38.15% -6.71% 154.36% 41.22% 55.13%

NAV Per Share

Yield / T-Rtn

108.39

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY ˾ THURSDAY, AUGUST 31, 2023

19

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325

A U G U S T

S & P INDEX

3 0 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT MONDAY, JULY 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Adoption Rate of .ng Domain Name Increases from 193,085 Users in May to 198,294 in July

Emma Okonji Despite the slow but steady growth rate in the adoption of .ng domain name in the past one year, the number has again increased slightly from 193,085 in May to 198,294 in July 2023, the latest statistics on Nigeria’s .ng domain name released by the Nigeria Internet Registration Association (NiRA), has revealed.

NiRA is responsible for managing Nigeria’s country code Top Level Domain (ccTLD).

Although the previous statistics on .ng domain name, as released by NiRA, showed a slow but steady growth in its adoption rate in the past one year, the latest statistics,

which chronicled its growth rate from May to July this year also showed a slight growth in the adoption of .ng domain across the country.

According to the statistics, which THISDAY obtained from the official website of NiRA, the .ng domain name registration, renewal and restoration, rose again from 193,085 in May to 195,098 in June, before reaching 198,294 in July 2023.

A comprehensive data of the adoption rate of .ng domain name in the last one year, showed that in July 2022, the figure grew to 180,162 and from August to September same year, it increased to 181,275.

From October to November 2022, the figure increased again

to 183,169. In December 2022, it increased again to 183,792 before it reached 184,425 in January 2023, and 189,158 in March 2023.

Again it increased from 189,158 in March to 193,085 in May this year, and rose again to 195,098 in June, before reaching 198,294 in July 2023.

According to the latest statistics, registration alone reached 7,777 in May this year, and dropped to 7,589 in June, before rising again to 8,308 in July 2023. Renewal of .ng domain name alone was 5,252 in May this year, and it increased o 5,254 in June, before reaching 5,403 in July this year, while restoration of .ng domain name was 163 in May, but dropped to 129 in June

and in July 2023 respectively.

The ccTLD .ng domain name is Nigeria’s identity in cyberspace, which has the .ng at the suffix of every official email address that originates from Nigeria. In the United Kingdom, all official email addresses end with .co.uk, in United States of America, they end with .com, while in South Africa, the official email addresses end with .co.za.

In Nigeria, NiRA has carried out several campaigns to sensitise Nigerians on the need to populate .ng domain name.

Giving reasons for the continuous increase in the adoption rate of .ng domain name across the county in the past one year, the President

of NiRA, Mr. Adesola Akinsanya, told THISDAY that the strategic collaborations between NiRA and some corporate organisations, aimed at populating Nigeria’s .ng domain name, were largely responsible.

He also said Nigerians were beginning to understand the need to identify with .ng domain name for every online transaction and communication.

According to him, NiRA had in the past months, carried out several campaigns to sensitise Nigerians on the need to populate .ng domain name in order to advance Nigeria’s digital economy.

“At NiRA, our paramount objective is to drive Nigeria’s digital

economy forward, using the .ng domain name. Our commitment is vividly demonstrated through our strategic alliances with key players in the digital arena. NiRA participated in the 9th edition of the Lagos Chamber of Commerce and Industry (LCCI) ICTEL EXPO 2023, a platform enabling us to educate attendees on broadening their online footprint and strategically penetrating the local market using the .ng domain.

This endeavour emphasises the significance of harnessing the .ng domain for optimal digital presence.

The story continues online on www.thisdaylive.com

More Marketing Communications Practitioners Set to Leave Nigeria, Africa Raheem Akingbolu Africa PR & Communication Report has Revealed that brain drain is currently threatening the advancement of PR and communications practice in Africa, with concerns over the emigration African PR practitioners dominating issues relating to talent recruitment, development and retention.

The Africa PR & Communications Report, developed by Nigeria-based agency BHM’s Research Intelligence

arm in partnership with industry bodies, is based on focus group discussions, interviews, surveys, and essay contributions from over 500 industry practitioners in 29 countries across North, Southern, East, Central and West Africa.

According to the report, nearly all PR practitioners (90 per cent) believe that more professionals are willing to leave the African country in which they operate while 80 per cent are convinced that even entry-level staff are already considering their exit

from their countries. A lack of access to tools and resources, training and development and poor compensation are cited as critical factors driving the exodus of professionals and young talent in the industry.

BHM Founder and Africa PR & Communications Report Committee Chair, Ayeni Adekunle said a report on the challenges facing the industry on the continent was “long overdue”.

“It is not particularly strange that more young African talents are seeking relocation to countries

with advanced economies, but it is a wake-up call for the PR industry to reflect on how it provides talents with the necessary tools and environment to thrive,” Adekunle said Committee Advisor and BHM Director, Stephen Waddington, said: “Respondents have pointed us in the directions we must take to fill the skills gap regarding capacity building, training and welfare support. Unsurprisingly, practitioners highlighted the opportunity to increase their salary by at least half

by moving to a similar position in any country of their choice.”

The report finds that optimism around the training and recruitment of practitioners is frail, with 70 per cent of respondents strongly disagreeing that there is an improved industry commitment to investing in resources necessary to upskill and hire new talents. A further 75 per cent are convinced that the PR and communications industry is suffering from the drastic plunge in talent availability.

A dearth in the availability of qualified and experienced talents is widely believed by 81 per cent of respondents to be responsible for excessive workload or job demands for practitioners who remain with PR agencies in Africa, leaving them exposed to physical and mental exhaustion, decreased productivity, and increased stress and anxiety.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT W E D N E S D AY, A U G U S T 3 0 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 2310.408, 10.62 -0.01 August 29, 2023 MAR-2025 00 ^12.50 22August 29, 9.881,00 13.08 0.00 JAN-2026 2023 ^16.2884 10.896, 13.05 August 29, 0.00 17-MAR-27 00 2023 ^13.98 2310.896, 13.60 August 29, -0.01 FEB-2028 00 2023 ^14.55 2610.201, 14.01 -0.04 August 29, APR-2029 00 2023

BILLS MATURITY

Discount Yield

NTB 7-Sep23 NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23

2.25

NTB 25-Jan24

2.25

3.56

3.58

3.94

3.97

4.69

4.75

6.00

6.15

OTC F X F U T U R E S

CPS

Change (%) Updated Time 29, 0.00 August 2023 29, 0.00 August 2023 29, 0.00 August 2023 29, 0.00 August 2023 29, 0.00 August 2023

MATURITY

Discount Yield

ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

15.06 15.57

29, 0.00 August 2023

19.50 20.42

29, 0.00 August 2023

11.90 12.24

29, 0.00 August 2023

19.52 20.45

29, 0.00 August 2023

17.05 17.77

29, 0.00 August 2023

VAAG CP XVII 24-N OV-23

Change (%) Updated Time

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) August 29, NGUS AUG 13 914.19 28 2024 2023 August 29, NGUS SEP 14 927.51 25 2024 2023 August 29, NGUS OCT 15 938.61 30 2024 2023 August 29, NGUS NOV 16 949.70 27 2024 2023 August 29, NGUS DEC 17 960.80 24 2024 2023

20

THURSDAY AUGUST 31, 2023 •T H I S D AY

T H I S D AY ˾ THURSDAY, AUGUST 31, 2023

21

BUSINESSWORLD

BRANDS & MARKETING

Agenda for Information Minister Raheem Akingbolu calls on the promoters of the Tinubu-Shettima Administration, led by the Minister of Information, to make a conscious effort, devoid of unnecessary propaganda and half-truths, in restoring public trust, promoting unity among Nigerians and communicating government policies

I

n recent years, various independent surveys and analysts have shared abysmally poor results on trust and suspicion on the part of Nigerians toward the government and its activities. Little by little, citizens are giving up on patriotism and hope for a better future, a situation, which has further fueled the ‘japa’ syndrome.

In 2021, the Edelman Trust Barometer, a study of social issues with trust at the apex, reported that trust level in Nigeria was as low as 49 per cent in 2021, overall, for the four critical institutions of Government, Business, Media, and Non-Government Organisations. A breakdown shows the distrust is highest with the Government; its poor scores pulled down the aggregate. Government scored only 24 per cent trust with Nigerians. Media scored 44 per cent. Citizens trust NGOs highest at 65 per cent, followed by Business at 62 per cent.

A 49 per cent score means that half of Nigerians do not trust Government, Business, Media, and NGOs. Two years later, the situation appears to have become worse. This is the Nigeria that Tinubu and his team have thus ‘inherited’. Unfortunately, the last administration was also a product of Tinubu’s party and this will make excuses inexplicable. Perhaps the only option is for the new administration to right the wrong and base its communication approach on one of the basic principles of Public Relations; ‘Truth well told’.

To this end, in setting the agenda for the incoming administration some stakeholders in the media and marketing communications industry in the country, who spoke to THISDAY unanimously agreed that management of the information portfolio by the previous administration was more activity-driven than strategy-driven.

As a first step to reposition governance and the country, they have called on Idris to review Nigeria’s national policy on information through which he

Idris

Ngelale would develop a comprehensive information strategy that will drive all activities. They have also called for the integration of all government activities into a single strategy that would be shared with all stakeholders; Nollywood, music, public communication, embassies and others, to digest. The stakeholders commended the ongoing reform in the Marketing Communication industry which has led to the ban of foreign models in media advertisement, local enquiry on investment, promoting equity and fairness within the ecosystem, describing the development as

ways to grow the media and advertising ecosystem in the country.

INFORMATION MANAGEMENT REFORMS

For the administration to accomplish its ‘Renewed Hope’ agenda, they have called for a review of the country’s information management and communications strategy.

In separate interviews with THISDAY, some of the information management experts, while admitting that the Buhari administration recorded successes in some sectors, condemned its approach to information and communications, which they insisted didn’t resonate well with Nigerians.

While some blamed the Minister of Information, Lai Muhammed, for his inability to change his communication template of propaganda which was deployed while he was an opposition spokesperson, some blamed the entire team for undermining the significance and role of communications in public governance. However, in what looks like a unanimous position, most of the experts commended the choice of Mohammed Idris as the minister of Information because of his media and marketing communications backgrounds. According to the experts, Idris would know the consequence of whatever he says and have huge influence to churn out information on various media channels.

They argued that Lai Mohammed’s deficiency in training and capacity affected the final picture and image painted about the Buhari administration.

NATIONAL UNITY

A Mass Communication Lecturer at the Nigerian Institute of Journalism (NIJ), Ogba, Lagos, Dr. Jide Johnson, while calling on the new minister of Information to deploy necessary communication strategies toward finding a lasting solution to the division and disintegration in the country, expressed his regret that the previous administration did not make enough effort at engendering national unity, national cohesion and social harmony.

He said, “The Buhari administration played

down the public concern about ethnicity, tribalism and religious extremism all of which the country’s media infrastructure and architecture needed to have put on the front burner. All these made his tenure ineffectual.”

Speaking further, the mass communication lecturer also expressed his regret over the way and manner organs of the information sector were in paralysis under Mr. Lai Muhammed. “Too bad, under the former information minister, FRCN was literally dead, the National Broadcasting Commission (NBC) was riddled with allegations of scandals as regards a never – ending digital switch over and a globetrotting director-general. The Nigerian Television Authority (NTA) was reduced to a mere passenger within the top TV networks behind Channels, TVC and ARISE Television.

“The National Orientation Agency (NOA) died long ago and perhaps still remains in the morgue. The Voice of Nigeria (VON) and the News Agency of Nigeria (NAN) only collect paltry subventions and remain charity organisations for paying salaries to helpless and hapless unproductive staff. I must add that the administration did well in opening up the Advertising industry through the reform being done by the Advertising Regulatory Council of Nigeria (ARCON) but beyond that the new administration should engage registered marketing communications practitioners to help drive the government communications process,” Johnson said.

MANAGING TRUST AND SUSPICION

The President of the Association of Advertising Agencies of Nigeria (AAAN), Mr. Steve Babaeko, who expressed his confidence in the Tinubu administration, admitted that members of the public are suspicious of the government and its policies.

He said, “Firstly, I extend my congratulations to the Honourable Minister of Information and wish him a successful tenure. Moving beyond felicitations, it’s crucial to acknowledge that due to years of distrust, the public remains highly suspicious of the government and its policies. The foremost task at hand is to restore this trust. Achieving this will require a commitment to openness and transparency. Additionally, consistent engagement with the citizens is imperative, enabling them to feel a sense of ownership over government policies, particularly when they have significant ramifications on their lives, such as the recent subsidy removal.”

On his part, a communication strategist, marketer and scholar with extensive media and industry experience consulting in Nigeria, Mr. Chido Nwakanma, who pointed out that Nigeria is reaping the fruits of distrust, described trust as one of the essential foundations of society and that it features in law, commerce, insurance and banking, jurisprudence, and almost everything that people do in the community.

While calling for immediate action from the new Information Minister, Nwakanma said, “From the North East and North West, our increasing slide to anarchy is a function of growing distrust. Government is absent yet makes frivolous claims and outright lies that fuel distrust. The growing distrust threatens our entire system more than even the government’s inefficiencies or the failings of the other sectors. We will examine in subsequent interventions the broader implications for the four pillars. Distrust is an invitation to the Land of Hobbes where every man looks out for himself, all hoping for God and praying that the Devil takes the last even as he advances. Danger!”

Concluding, he called on the government to communicate more effectively with the people, adding that the approach must be strategic and engaging.

LEADERSHIP AND COMMUNICATIONS

Speaking on leadership orientation in public service and how best to approach communications of government’s activities, the President of the Media Independent Practitioners Association of Nigeria (MIPAN) and Chairman of Heads of Advertising Sectoral Groups (HASG), Mr. Femi Adelusi, observed that a national orientation should be around leadership accountability in terms of what public service is and the need to recognize the citizen as the master.

The story continues online on www.thisdaylive.com

22

THURSDAY, AUGUST 31, ͰͮͰͱ ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Enugu Investment Roundtable: Now, Let the Transactions Begin Uche Anichukwu

Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should Aba be developed into our own Taiwan or Japan?

There is no such incentive. The only incentive I can see in Nigeria is Federation Account”.

Unfortunately, nothing has changed. Nigerian leaders still dream petrodollars, with the states ever unimaginative, lacking in creativity, and dependent on federal handouts. Today hard times have hit the nation because not only is oil price not what it used to be, powerful cartels now steal millions of barrels of oil, ‘undetected’ by those we pay to prevent such economic sabotage or at least apprehend the perpetrators.

T

his Friday, Governor Peter Mbah of Enugu State will flag off the inaugural Enugu State Investment and Economic Growth Stakeholders Roundtable where he will unveil a $2.1 billion (N1.6 trillion Naira) project pipeline that spans several industries such as transportation and healthcare infrastructure, energy, power, and agro industrialisation.

The Roundtable, which is a precursor to the launch of a maiden multi-stakeholder, fully transactional Diaspora and Investment Forum scheduled for the second quarter of 2024, is themed “Leveraging Public Private Partnerships”.

It is expected to draw participation from senior executives from the World Bank Group, the African Development Bank Group, the International Finance Corporation, the African Export-Import Bank, the United Kingdom Department for Trade and Business, and the Africa Finance Corporation (AFC). These in addition to the Nigerian Sovereign Wealth Fund, commercial banks, corporate pension funds, private equity funds, infrastructure funds, and other domestic financial institutions will convene in Enugu to chart a trajectory for effectively mobilising private capital for large-scale infrastructure projects, including climate resilient and sustainable infrastructure projects that can unlock the state’s and South-Eastern Nigeria’s economic potential.

They will be focusing on barriers to investment and economic growth in Enugu State; improving investor confidence in the State and understanding investor’s risk and return preferences; and identifying partnership opportunities for project preparation and co investments.

It has been said many times, and rightly so, that at the root of Nigeria’s economic woes is a highly dysfunctional federal structure that has progressively reduced states to indolent dependents of the central government. In his back page treatise in the March 4, 2012 edition of Thisday newspaper, which he entitled “Federal Allocation and Our Future”, Simon Kolawole, a columnist, likened the story of Nigeria to that of a father, who has 36 children. But instead of encouraging all his children to be creative, hard working, and independent, this father (called Nigeria) ignores the larger picture of every child being self-sustaining and insists on redistributing his children’s wealth.

Going further, he questioned: “Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should

A PARADIGM SHIFT

The result is that Nigeria went into the 2023 election with the economy in a state of emergency.

Thus, Governor Peter Mbah’s message of paradigm shift resonated with the people. Not only did he make the economy the crux of the matter, he unveiled an ambitious economic and development agenda built outside the Abuja monthly handouts.

He believes that Enugu’s path to the future does not rely on the Federation Account, but in extensive partnership with the private sector powered by a creative and visionary leadership to harness the state’s natural and human resources and unlock the capital needed for growth from a megre $4.4 billion to $30 billion. He promised to leading Enugu to becoming one of the top three states in Nigeria in terms of GDP as well as to a zero per cent poverty rate. He promised to make Enugu the preferred destination for investment, tourism, and living.

It was pursuant to these that he equally promised to organise an investment summit in Enugu within the first 100 days in office because the promised $30 billion economy could only be possible by bringing investors to help transform the Enugu economic landscape from a public sector to a private sector-driven economy.

ABUNDANT OPPORTUNITIES

The good thing is that Enugu has no reason to be poor, given the abundant resources and opportunities, which are sadly dormant and untapped. As the governor rightly explained

during the 2023 Lagos Chamber of Commerce and Industry International Conference and Expo in Lagos on Wednesday, Enugu is a land brimming with opportunities - agriculture and agro industry, real estate, logistics and aviation, tourism, real estate, mineral resources, and Information Communication Technology (ICT), among others - begging to be harnessed and exploited.

In the area of agriculture and agro industry, for instance, Enugu is positioning to take advantage of our proven strong factor productivity in the areas of some key segments of agriculture by opening up another 300,000 hectres of farmland for cultivation of focus crops and animal production. Talking about crops, Enugu, under the administration is focusing on opportunities in cassava, soybeans, palm oil palm production, cashew (which global market size is predicted to hit $7bn by 2025), and Nsukka pepper, which has become a veritable export commodity as well as an industrial raw material for various spice brands. Likewise, investment opportunities in poultry, piggery, and fishery are quite large, as even local needs are not met at the moment.

Enugu’s geographical position as the gateway to the North makes it attractive for agro-processing investments to process agro products from both Enugu and the North to service the South East and South South.

It is noteworthy that the South East and the South South are the final destinations of 40 per cent of the air cargo imported through Lagos.

This makes investments in logistics and aviation quite lucrative. Thus the Mbah administration is investing extensively in our logistics and aviation to make transit through and to Enugu efficient and seamless. It is prioritising development of a cargo terminal for the Enugu International Airport to facilitate the direct receipt of cargo in Enugu as opposed to the current practice of shipping into Lagos airport and then undertaking the arduous and expensive overland journey to the South East by truck. The terminal, according to the governor, will equally facilitate the export of agro-produce direct from Enugu.

There are also opportunities in the light rail, which the state plans to develop in collaboration with other South East governments. Economic growth and investment opportunities also abound in the development of modern logistics centres at

key crossroads like Obollo-Afor and Ninth Mile Corner as other investment opportunities as marshalled by the government.

In the tourism industry, the state intends to develop world-class theme parks and is in the process of refurbishing and reactivating the Presidential Hotel, Enugu and completing the long abandoned International Conference Centre.

In the area of real estate, the state would be developing a New Town, in response to the high demand for housing in the state. That alone would offer 60,000 household living spaces. In fact, real estate opportunities in Enugu are limitless.

Meanwhile, whereas Enugu is popularly known as the Coal City State, the truth is that the state is blessed with natural gas. In fact, the state has joined the ranks of oil producing states. Furthermore, it has solid minerals such as ironstone, zinc, lead, limestone, and kaolin, among others, in abundance. The administration is therefore working with the federal government to bring in investors to produce them.

The present administration priotises youth development so they can easily fit into and also reap bountifully from the world of robotic science, artificial intelligence, virtual reality, augmented reality, mechatronics, e-commerce and Fintech. It wants to transform the youths from job seekers to wealth creators and employment generators.

Therefore, it seeks to build a Tier-4 Hyper scale Data centre that that will not only service local needs, but also offer hosting and other services to major businesses like Google and Facebook.

MAKING LIFE EASY FOR INVESTORS

The other good thing is that being a businessman himself, Dr. Peter Mbah understands the serious challenges faced by setting up and running businesses in Nigeria, hence has promised to make life easy for investors.

“Enugu is now open for business. We will make life easy for you. We are markedly revisiting our ‘ease of doing business’ indicators to ensure the environment is conducive for business. For example, our new land title processes will facilitate the issuance of Certificate of Occupancy in not more than three days or 72 hours. t "OJDIVLXV JT 44" &YUFSOBM 3FMBUJPOT UP (PWFSOPS PG &OVHV 4UBUF The story continues online on www.thisdaylive.com

Goott: Contactless Payments Will Enhance Financial Accessibility The Director for Africa and India at Unlimit, Trevor Goott, speaks on the need for further adoption of contactless payment in Nigeria and its many benefits in driving financial inclusion and creating easy access to finance. Emma Okonji presents the excerpts: Since the introduction of contactless payments in Nigeria, what has been the current adoption level and how has it impacted the financial inclusion drive of the country? believe the introduction of contactless payments in Nigeria has triggered a significant surge in adoption rates while profoundly influencing the nation’s pursuit of financial inclusion. This technological leap has not only revolutionized payment methods but has also acted as a catalyst for enhancing financial accessibility and participation.

The escalating adoption can be attributed to factors such as heightened awareness, rapid urbanization, and increased smartphone usage.

Also, the introduction of contactless payments in Nigeria has facilitated broader financial accessibility, particularly in remote and underserved regions where traditional banking services are usually limited.

This has consequently empowered individuals who previously faced geographical barriers to actively engage in the formal financial ecosystem. One can also assert that the shift towards contactless payments has driven down transaction costs, benefiting both consumers and businesses. This affordability has incentivized greater usage of digital financial services, especially among individuals from lower-income strata. Lastly, contactless payments have the potential to contribute to the creation of financial histories - and therefore credit scores - for previously unbanked individuals. This will for the first time enable financial institutions to gauge creditworthiness and extend tailored financial solutions to these previously unbanked individuals.

I

What are some of the unique challenges affecting the adoption of contactless payments in Nigeria, and how can payment solutions companies address such challenges to enhance growth?

Despite the many benefits of contactless payments in Nigeria, the adoption indeed comes with its set of unique challenges. One significant challenge is the prevalence of a cash-based economy deeply ingrained in Nigerian culture. To address this, payment solutions companies can embark on comprehensive educational campaigns. This can be achieved through strategic partnerships with

Goott local communities, financial institutions, and governmental bodies, through which companies can raise awareness about the convenience, security, and benefits ofcontactless payments.

This educational effort can help dispel myths, build trust, and encourage a gradual shift toward digital transactions.

Nigeria’s diverse technological landscape also poses infrastructure challenges, especially in rural areas with limited internet connectivity and access to Near Field Communication (NFC)-enabled devices. In this regard, payment solutions companies can collaborate with all telecommunications providers to improve network coverage and promote the distribution of affordable NFC-enabled devices. Such collaborations would ensure that contactless payment options are accessible across urban and remote areas, fostering inclusivity and accelerating adoption.

How can financial institutions leverage

contactless payments to deepen financial inclusion across Nigeria?

According to a 2021 study conducted by the Central Bank of Nigeria, Financial inclusion has assumed a great level of importance in Nigeria due to its perceived relevance as a catalyst for economic stability. As such, leveraging contactless payments to enhance financial inclusion across the country presents an exciting opportunity for both individuals and the economy as a whole. This approach would entail tackling the distinctive hurdles that have traditionally impeded the broad accessibility of financial services.

To achieve this, financial education is at the top of the list. Financial institutions can and should continue to initiate comprehensive awareness campaigns to educate the population about the benefits and convenience of contactless payments. These campaigns should focus on reaching both urban and rural communities, emphasizing the simplicity and security of using contactless methods. Adopting local languages was necessary to ensure proper communication, especially in the rural areas would also be key in establishing the relevant rapport and credibility needed to communicate this.

In all, the solution should be simple and convenient - Contactless payment methods simplify the account setup process, enabling unbanked individuals to swiftly enter the formal financial ecosystem. This frictionless approach ensures that the barriers to entry are significantly lowered. Financial institutions can bring millions of Nigerians into the formal financial fold by strategically implementing some of these approaches, ensuring that more people benefit fromthe digital economy, and accelerating contributing to financial growth and empowerment of the target groups.

One of the goals of financial inclusion is to create multiple channels of payment that are easy to deploy and accessible to all customers. How has contactless payment helped in achieving this goal?

Absolutely, the pursuit of financial inclusion is centered on accessibility and ease of use.

Contactless payments have been instrumental in advancing this objective by creating multiple accessible payment channels.

In Nigeria for example, contactless payments are known to offer a streamlined and userfriendly experience. This is because, by enabling transactions with a simple tap or wave, they eliminate the need for physical cash or complex processes. Naturally, this has bolstered the functionality of numerous industries including e-commerce, and other digital businesses that require simplified and contactless payment gateways to thrive within the country. This convenience has also made it possible for a wide spectrum of customers, including those in remote areas or with limited financial literacy, to participate in digital transactions.

Moreover, contactless payments have extended the reach of financial services.

Through mobile devices and digital wallets, people can conduct transactions without the typical constraints of time and location. This unique feature of inclusivity and accessibility empowers individuals who may lack proximity to traditional banking infrastructure. As such, contactless payments have truly democratized financial access by bridging the gap between technology and everyday transactions, therefore, contributing significantly to achieving the goal of comprehensive financial inclusion.

Aside from contactless payments, what other payment options are available that meet consumer preferences in the financial sector?

Contactless payments can be in the form of a QR code linked to a bank account or debit card or credit card or even something like Apple Pay or Google Pay. So, if we talk about other payment options that meet consumer preferences other than contactless payments, then USSDis still an option.

The story continues online on www.thisdaylive.com

T H I S D AY ˾ THURSDAY, AUGUST 31, 2023

23

HEALTH & LIFESTYLE

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430

The Benefits of Artificial Intelligence in Medicine

Precious Ugwuzor Artificial Intelligence (AI) and machine learning are gaining increased popularity across the globe. Due to a symbiotic relationship between humans and this burgeoning technology, productivity across the globe has expanded to new arenas.

I am a firm believer that AI’s positive benefits outweigh its potential harmful applications.

From automatic speech recognition and machine translation, to support for people with disabilities, to developing innovative vaccines and diagnoses, AI is a tool that can help my home country of Nigeria and the world achieve a better tomorrow.

One such industry that has directly benefited from AI integration is health and medicine.

Discussions on the ethical use of AI, among numerous others, were a key agenda item at this year’s 2023 Rise Residential Summit, a two and a half week residential summit offered bye Rise to each cohort of WinnersRise program is a global initiative from Schmidt Futures and Rhodes Trust that finds promising young people and provides opportunity as they work to serve others.

The 2023 Rise Residential Summit brought together the latest cohort of Rise Global Winners to advance each Winner’s commitment to service and

learning through interactive presentations, networking, and cultural immersion in the United Kingdom.

AI has already proven itself to be a valuable resource for healthcare providers throughout Nigeria, with technology for cost-effective and highly efficient diagnostic and treatment processes, high-powered X-rays, MRIs, CT scans, and safer surgeries. I’m inspired by the current integration of AI in healthcare, and want to push it to new heights.

I’ve been an advocate for cervical cancer awareness for many years and have sought out ways to educate young Nigerian girls on cervical cancer. Using AI, we can alleviate the burden on healthcare professionals with cervical cancer patients. Solutions such as Pap smear tests and VIA/ VILI (Visual inspection with acetic acid and visual inspection with Lugol’s iodine) are not only timeconsuming but also monotonous, especially when dealing with a high volume of patient samples.

Worldwide, 604,127 people are living with cervical cancer.

In Nigeria, it is the second most common cancer among women. Every year, about 12,075 women are diagnosed and about 7,968 die from the disease. The American Cancer Society predicts that in 2023, there will be 13,960 new cervical cancer cases and 4,310 deaths among women as a result of cervical cancer.

2022 Rise Global Winner Emmanuela Ilok (Nigeria) giving a presentation at the 2023 Rise Residential Summit in England on the transformative power of Artificial Intelligence (AI) This emphasises the severity of this issue and reinforces the need for a solution. The World Health Organization states that cervical cancer is the fourth most common cancer in the world and can be cured if diagnosed at an early stage and treated promptly. AI provides a quick, efficient, accessible, and affordable solution to ameliorate the current cervical cancer screening

methods.

To further research in this area, I am actively exploring ways AI can be used in early detection for diseases like cervical cancer. Using images from a public dataset called SiPaKMed, I am researching the accuracy of handcrafted feature extraction techniques in comparison to Convolutional

Neural Network (CNN) feature extraction techniques for the classification of cervical cancer Pap smear images.

We have a tremendous opportunity to change treatment outcomes and patient lives who are afflicted with cervical cancer. However, we must ask ourselves what moral and ethical boundaries need to be respected as

we continue to integrate artificial intelligence into healthcare; issues of patient security, data protection, and human-centered care will remain in question as technology advances. Where will we draw the line between convenience and connection?

Artificial intelligence is a tool and it’s up to us to decide how we will use it to shape our future.

Family Solicits N7m for Three-year-old Child with Hole in Heart Medical Center Organises Free Rebecca Ejifoma The family of three-year-old Chidinma Michael is soliciting N7 million for a hole-in heart surgery.

Born on 11th October 2020 in the Egbeda area of Lagos, baby Chidinma was said to have fallen critically ill at three weeks old.

It was, however, shocking to the parents when the doctors at the Lagos University Teaching Hospital (LUTH) Idi-Araba confirmed her with a hole in the heart.

The family soon realised that her condition could have been why the mother, Mrs Angela Michael, often fell sick and bled while pregnant with Chidinma.

Speaking with our reporter, Angela decried that Chidinma’s case requires surgery.

“My daughter became very sick at three weeks old. My husband and I took her back to the hospital where she was born,” she recounted. “The doctors admitted her for some time; then they referred us to LASUTH, Ikeja.”

Although Chidinma was placed on oxygen and had a blood transfusion, she couldn’t get the test done because her family couldn’t raise the bill.

Angela narrated her ordeal.

“My husband lost his job when I was three months pregnant due to the Covid-19 pandemic in 2020.

“The bank he was working at laid off some workers. It affected him as well.”

Sadly, Angela remembered her

delicate pregnancy experience.

“During my pregnancy, I would fall sick regularly.

“I would even bleed, which worried my husband and asked me to stop working.”

While admitted at LASUTH for one week at age three weeks, “The doctors examined her and told us a test would be conducted on her because of the sound they could hear.

“We couldn’t raise the money for the test. So, the hospital discharged us.”

“We got home only for her situation to worsen. We rushed her back to LASUTH. We have taken her to different hospitals.”

According to the mother, it was at LUTH, through the help of some Nigerians, that the doctors examined her and confirmed a large hole in her heart. I’m begging every Nigerian to come to the rescue of my child, who needs assistance “The doctor said only surgery can close the hole. N7 million is the bill. That’s big money. We don’t have that kind of money,” she lamented.

For donations to save little Chidinma, the family pleads with Nigerians and every individual to send to her GTB account on 0834120283 Michael Chidinma Esther

Lagos State Government Commences Regulation Of Sanitation Services Mary Nnah The need to regulate sanitation services has become expedient given the Sustainable Development Goal 6:2 to achieve access to adequate and equitable sanitation in the State.

This formed the thrust of the maiden meeting between the Lagos State Water Regulatory Commission and the Sewage and Wastewater Dislodgers Association of Nigeria (Swadan) to reaffirm the powers given to the Commission to regulate all water and wastewater activities in the public and private sectors of the state.

Addressing the executive members of SWADAN, the Executive Secretary, LASWARCO Mrs ‘Funke Adepoju emphasized that stakeholders engagement has become essential to ensure that structures are set, regarding standards, licensing, guidelines, tariffs, coverage area and other regulatory provisions to achieve citywide Inclusive Sanitation.

“This partnership is most essential because the dynamics of sewage disposal and treatment have advanced worldwide, Lagos State cannot be left behind, the state wastewater management office is the service provider, we

regulate operators, regulation is crucial to improve the methods used, we need to know specific indices, duration, volume evacuated, areas covered and transport for a database such information will upscale actualities to enable us to facilitate global financial alternatives to transform the sector “.

Responding to the Director, Policy, Planning and Programmes, of the Lagos State Wastewater Management Office, Mr Ayodeji Awolesi opined that collaboration is the new efficiency” We have observed how sewage

management has improved the world over using ecologically safe systems, regulation is the way forward for the sector “.

The presentation by Engineer Adefemi Afolabi, Director, Technical Services Department centred on the basics required for improving the business.

He listed the operational chain to include wastewater generation, collection, evacuation, transportation, treatment and after-treatment saying unsafe faecal handling, evacuation and dislodging practices have resulted in major public health concerns hence the urgent need for regulation.

Outreach in Rivers Blessing Ibunge in Port Harcourt Bariel Medical Center recently collaborated with partners to organise free medical care to some vulnerable persons in parts of Rivers State at the 2023 Medical Outreach.

Speaking with journalist in Port Harcourt, the state capital , the Chief Medical Director of Bariel Medical Center, Dr. Gbaranen Gbaanador said for the free medical care outreach have been on for the past one week.

He said his team and some of his partners treated many patients with different ailments free of charge as part of their effort to reduce the medical burdens of some very less privilege people in the society.

Gbaanador explained that some of the patients who had eye problem, on treatment were given eye glasses while some were also treated free of charge.

The MD also regretted that many people use non-medical forms to treat illness which is unethical, warned that it may aggravate the sickness if proper diagnosis are not done.

Gbaanador further disclosed that some of the patients were diagnosed of “high blood pressure, diabetes, malaria and eye problem among others”, noting that each of the treatment were seriously diagnosed before treatment.

On how the beneficiaries we’re contacted for the health care, the MD said the Medical Center used both the new media and traditional means of communication to invite the general public through the

church, community town hall meeting, text messages and via Facebook WhatsApp among others.

He told the journalists that one of the young girl who work with them was having her first experience having come from the United States to have experience on how issues of sickness and treatment are done in Nigeria especially in Rivers State.

Gbaanador, however expressed happiness on the new discovery of malaria drugs by scientists, saying that the best way to treat malaria is to prevent, but those that have the illness should take proper diagnosis before treatment and not self medication.

On her part, Miss Bari-mmeziga Deebom who came from the United States to be part of the medical outreach expressed disappointment that some of the ailments are actually connected to hunger and thinking.

She said many people are thinking of how to survive, hence, the many cases of hypertension relating to high blood pressure and poor nutrition.

Deebom advise the Nigerian government to make plans to take care of the medical bills of some of the vulnerable families in the society as a way of alleviating their suffering.

She said “the medical outreach was interesting and exciting working with very senior medical Doctors. On issues o malaria, she said the best way is to prevent malaria than treating it.

Some of the partners include Donubari Deebom a respiratory therapist in the United States, Medical Mission International and Earthwise Surgical Center all in America.

NOTE: Interested readers should continue in the online

24

THURSDAY, AUGUST 31, ͰͮͰͱ ˾ T H I S D AY

BUSINESS/MONEYGUIDE

Harahap: Nigeria, Indonesia Trade Volume Reached $5bn in 2022 Gilbert Ekugbe The Indonesia Ambassador to Nigeria, Usra Harahap, has stated that the trade volume between Nigeria and Indonesia has hit $4.78 billion in 2022.

Addressing a press briefing to announce the Trade Expo Indonesia (TEI) 2023 scheduled to hold in BSD City in Indonesia, Harahap said Indonesia’s import from Nigeria stood at $4.32 billion while export from Nigeria to Indonesia hit $459 million last year.

He said the current trade volume reflects the high untapped potential of Indonesia and Nigeria trade which he said could be further improved going forward into 2023.

According to him, in 2022 with

the huge volume of trade realized at the TEI event that attained $15.8 billion, shows the confidence it has in Nigeria as a strategic partner with Indonesia, predicting that Nigeria stands a better chance in 2023 to stake higher trade volume owing to its huge and rich market potentials.

“This is also a call to other countries in the region to key into this opportunity and attract more business partnerships with Indonesia, “he said.

He pointed out that the TEI 2023 is a continuation from the previous edition which will further present seven product zones which includes Food & Beverages; Fashion, Textile & Accessories; Chemical, Energy & Industrial Product; Beauty &

Personal Care; Medical Equipment & Healthcare; Home Living; Digital & Services.

Also speaking, the Director, Indonesia Trade Promotion, Lagos, Mr. Hendro Jonathan, said the trade between Nigeria and Indonesia is growing exponentially, adding that both countries must seek better and improved ways to strengthen bilateral trade relationships.

On his part, the president, Nigerian-Indonesian Chamber of Commerce and Industry, Mr. Ishmael Balogun, said arrangements have been put in place to ensure a seamless travel experience from Nigeria to Indonesia, adding that all visa application challenges experienced last year has been addressed.

AIICO Partners Firm to Redefine Car Insurance for Nigerians Ebere Nwoji AIICO Insurance has partnered with ETAP, an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa.

The partnership is targeted at driving increased penetration of car insurance in Nigeria.

The partnership will combine AIICO’s market-leading car insurance product and ETAP’s game-changing, tech-enabled distribution and customer acquisition model to drive the adoption of much-needed car insurance in Nigeria.

Speaking on the partnership, Head Retail Business of AIICO Gbenga Ilori said, “We are

elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car insurance.”

He said by harnessing the power of gamification, the underwriting firm was poised to shift perceptions around car ownership and driving in Nigeria, adding that the initiative would not only elevate the driving journey but also significantly enhance safety on Nigerian roads.

According to him, the complexities of buying and claiming insurance have led to widespread apathy, with many car owners opting to go without genuine insurance.

Also Speaking, CEO of ETAP Ibraheem Babalola said ETAP had a leaderboard

where Nigerian drivers were gamified to maintain good driving behaviour.

He said drivers could monitor the leaderboard in real time to get actionable insights on their driving behaviour, access tips to improve their driving behaviour and get rewarded for driving better.

He said in addition, drivers could also challenge each other on who the better driver was based on their leaderboard ranking, contributing to safer roads across Nigeria.

According to him, ETAP also uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.

Aradel Rewards Shareholders With N35 Dividend Aradel Holdings Plc, Nigeria’s foremost integrated indigenous energy Company, listed on the NASD Exchange and the FMDQ, held its 28th Annual General Meeting (AGM), the first after it rebranded from Niger Delta Exploration & Production Plc. The hybrid event was held in Lagos, and had in attendance shareholders, regulators and company directors, amongst other stakeholders.

Addressing the shareholders at the AGM, the Chairman of Aradel Holdings Plc, Ladi Jadesimi, said, “2022 was a challenging year for the Nigerian Energy industry.

Despite this, we emerged with recorded improvements across the business due to our resilient and integrated business model, as well as sound financial measures adopted across our operations.

“The company recorded significant growth in key financial metrics with revenue increase of 28.2% to N66 billion from N52

billion year-on-year. Profit before tax grew by 64.8% to N33 billion from N20 billion in 2021. In 2022, we began our rebranding journey and in the second quarter of 2023, we changed our name to Aradel Holdings Plc. The Company also clocked 30 in 2022, reaching a milestone worthy of mention. The new brand reflects our rich history and heritage as well as a future portfolio that explores renewable energy opportunities, in line with our strategic objectives of becoming a leading African Company delivering sustainable energy solutions for economic growth.’’

The Chief Executive Officer/ Managing Director of Aradel Holdings, Adegbite Falade in his comment said “Distinguished shareholders of Aradel Holdings Plc, let me thank you for the unflinching support, and vote of confidence that has been reposed in the Board, and by

extension the Management and Staff of your company to pilot the affairs of your company. Our results are the outcome of decades of vision, focus, and disciplined execution that have entrenched the company’s levels of resilience, redundancy and robustness.”

Speaking to the future aspirations of the Company, the Managing Director stated that, “We remain positive that the bright future of your company both in the near- and longer- terms will be sustained as we build on current momentum to deliver on the growth aspirations of scaling up in Ogbele (our flagship asset), bringing onstream production from Omerelu, bringing onstream the PMS unit of the Refinery, acquiring additional assets, introducing new verticals of business lines in the renewables, skilfully navigating the energy transition challenge, and being a key player in our nation’s energy security agenda.’’

Aleobua: All Set for Insurance Meets Tech Conference Ebere Nwoji The convener of the Insurance Meets Tech(IMT) conference Odion Aleobua, said the stage is set for the convergence of the conference which will take place between September 28 and 29 at the Civic Centre, Ozumba Mbadiwe, Victoria Island, Lagos.

Aleobua said the conference is for insurance, insurtech, regulators and technology stakeholders in West Africa .

He said leading tech and insurance brands - such as Microsoft, Leadway Assurance Company Limited, aYo Nigeria, and Old Mutual have been slated as sponsors of the conference while partnership discussions have reached advanced stage for more brands and organisations that will grace the occasion.

“This prestigious event is poised to take place over two days, featuring

influential speakers, live demonstrations, masterclasses, and unparalleled networking opportunities.

“The conference is drawing in over 3000 participants, including industry leaders, tech innovators, thought pioneers, and policy influencers. From September 28 to September 29, 2023, the venue will come alive with insightful discussions, groundbreaking product showcases, and an electrifying collaborative learning atmosphere, ”he said.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) July 2023

Money Supply (M3)

65,466,115

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

64,926,250.75

-- Quasi Money

40,769,132.38

-- Narrow Money (M1)

24,157,118.36

---- Currency Outside Banks

2,209,000.87

---- Demand Deposits

21,948,117.49

Net Foreign Assets (NFA)

9,298,562.89

Net Domestic Assets(NDA)

5,6167,552.11

-- Net Domestic Credit (NDC)

86,466,629.28

---- Credit to Government (Net)

32,307,463.27

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

54,159,166.01

--Other Assets Net

13,165,380.65

Reserve Money (Base Money

17,376,486.41

--Currency in Circulation

2,595,761.69

--Banks Reserves --Special Intervention Reserves

14,780,724.72 405632.59

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2023

Inter-Bank Call Rate

15.80

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

18.75

Treasury Bill Rate

4.45

Savings Deposit Rate

5.24

1 Month Deposit Rate

7.11

3 Months Deposit Rate

7.62

6 Months Deposit Rate

8.25

12 Months Deposit Rate

7.81

Prime Lending rate

113.98

Maximum Lending Rate

27.38

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 25 AUGUST, 2023

The price of OPEC basket of thirteen crudes stood at $85.71 a barrel on Thursday, compared with $85.84 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ THURSDAY, AUGUST 31, 2023

25

MARKET NEWS

Stock Market Reverses Three Days Positive Rally, Depreciates by 0.08% Kayode Tokede The stock market section of the Nigerian Exchange Limited (NGX) yesterday depreciated by 0.08 per cent, halting three days of successive gains on investors’ profit-taking in Transnational Corporation (Transcorp) and 26 others.

The NGX All-Share Index (ASI) declined by 50.81 basis points or 0.08 per cent to close at 66,439.53 basis points. Also,

market capitalisation lost N28 billion to close at N36.363 trillion.

Consequently, the Month-toDate and Year-to-Date gains declined to 3.3per cent and 29.6per cent, respectively.

On sectors, the NGX Insurance added 1.5per cent, NGX Consumer Goods gained 0.3per cent and NGX Industrial Goods rose by 0.1per cent, while the NGX Banking Index dropped by 0.3 per cent as the NGX

P R I C E S MAIN BOARD

Oil & Gas index closed flat.

The market breadth, which measures investor sentiment through the gainers/losers ratio increased; as 27 stocks appreciated, while 24 stocks depreciated.

Capital Hotel and Consolidated Hallmark Insurance emerged the highest price gainer of 10 per cent each to close at N2.75 and N1.10 respectively, while University Press followed with a gain of

F O R

S E C U R I T I E S

DEALS

MARKET PRICE

QUANTITY TRADED

9.77 per cent to close at N2.36, per share.

Champion Breweries rose by 9.72 per cent to close at N3.50, while Thomas Wyatt Nigeria appreciated by 9.60 per cent to close at N2.17, per share.

On the other side, Transcorp led others on the losers’ chart with 9.99 per cent to close at N6.31, per share.

CWG followed with a decline of 9.88 per cent to close at N3.65, while Ikeja

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

Hotel shed 9.84 per cent to close at N2.84, per share. FTN Cocoa processors went down by 8.11 per cent to close at N2.04, while R.T. Briscoe Nigeria depreciated by 6.67 per cent to close at 42 kobo, per share.

The total volume of trade increased by 45.83 per cent to 637.194 million units, valued at N7.791 billion, and exchanged in 10,033 deals. Transactions in the

shares of Transcorp led the activity with 292.410 million shares worth N2.147 billion.

Access Holdings followed with account of 26.652 million shares valued at N435.492 million, while Dangote Sugar Refinery traded 24.454 million shares valued at N1.455 billion.

Jaiz Bank traded 18.662 million shares worth N27.724 million, while Fidelity Bank traded 17.386 million shares worth N122.281 million.

AU G U ST / 3 0 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

26

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NEWS

ONCOLOGY SUMMIT...

L-R: Managing Director, ROS, Eastern and Anglo Western Africa, Varian, Ansu Dukuray; Vice President, International Sales, Varian, Steve Laws; Managing Director/Chief Executive, NSIA, Aminu UmarSadiq; Executive Director/Chief Investment Officer, NSIA, Kolawole Owodunni; Managing Director, NHDIC, Dr Tolu Adewole at the recently concluded Oncology Summit in Lagos

Appointments: Arewa Economic Forum Accuses Tinubu of Nepotism James Emejo in Abuja The Arewa Economic Forum (AEF), yesterday, berated President Bola Tinubu for alleged nepotism in his appointments of persons into key positions in his administration.

Chairman of the forum, Alhaji Ibrahim Dandakata, said the North, which remarkably contributed to the emergence of Tinubu as president,

was being edged out of key appointments particularly in the finance and ICT sectors, which remained crucial for economic development.

Speaking at a media briefing, Dandakata, accused Tinubu of a deliberate attempt at "Yorubanisation and Lagoslisation" of the polity.

He, therefore, urged Tinubu to be fair, just and equitable in his decisions "not only because

the northerners overwhelmingly voted for him but because that is the right thing to do."

Specifically, he noted that both the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the acting Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, hailed from the southwest.

He further alleged that ap-

Bago Suspends Mining Activities, Sets N10bn Monthly IGR Laleye Dipo in Minna Niger State Governor, Mohammed Umaru Bago, has suspended all forms of mining activities in the state with immediate effect.

Bago, who said the decision to stop mining was to enable the government profile all those involved in such businesses across the state and keep accurate record of their activities, however, set a monthly Internally Generated Revenue (IGR) of N10bn or N120 bn annually.

Although it is believed that illegal mining especially of Gold was responsible for the high rate of insecurity in parts of the state, Bago while addressing the inaugural state Executive Council, said the administration would no longer tolerate the activities of illegal miners in the state.

On the proposed IGR, he said, "All revenue-generating MDAs should redouble their efforts to make sure the monthly target of N10 billion naira is achieved,"adding that the administration would be

Product Supply Failure: IPMAN Threatens Court Action against NNPC James Sowole in Abeokuta The Independent Petroleum Marketers Association of Nigeria (IPMAN), Mosinmi Depot, yesterday, threatened to institute court action against the Nigeria National Petroleum Company Limited (NNPCL) over the failure of the corporation to supply products to its members eight months after payment of required amount.

IPMAN also accused the NNPCL of using the money deposited for petroleum products supplies by its members through the Lagos DPO to run its retailing Mega Stations across the Southwest at the expense of the bank loans obtained by its members who would need to pay bank interests on such loans.

The association, therefore, threatened to go to court by September, should the NNPC continue to deny its members

supplies of the petroleum products they had paid for through the Lagos DPO since November 2022 and January 2023, when they were due for supplies.

Speaking with journalists yesterday in Abeokuta, the Ogun State capital, IPMAN Mosinmi Depot Chairman, Femi Adelaja, said it was disheartening on the part of the management of NNPC Mosinmi Depot, to exhibit the traits of a fraudulent organisation by deliberately refusing to make supplies available to his members, whose businesses have been surviving on bank loans.

Adelaja, explained that each IPMAN members, who applied for supplies of the petroleum products have had to pay the adjustable sum of N25 million per supply of a 45, 000 liters’ trailer truck since June when NNPCL directed them to do so but till date, they were yet to receive anything from the national oil company.

deliberate in its policies and ensure it invested in agricultural equipment to turn around the fortunes of the state for a new Niger state.

Bago said for the administration to deliver dividends of democracy to the citizens, things must be done differently and rightly, therefore, "any file on my table will not last twenty-four hours," challenging the Commissioners and Special Advisers to adopt the same policy.

Saying that new ministries were created to fit into the vision and mission of his administration, the governor asked the council members to come up with supplementary budgets for their MDAs because "this administration will work strictly within the budget."

He, however, said the Council would henceforth meet via Zoom in line with the digitalisation policy of the government and that the meetings will always commence at 8am and end at noon every Wednesday.

pointments of heads of strategic government agencies in Finance and ICT were from the Southwest, particularly Lagos State, where the president hails from.

The AEF chairman also alleged that chief executives of some key public institutions, who were northerners were gradually being replaced with Lagosians, and expressed worry that the trend might continue moving forward.

"As you may be aware, Finance and Information Communication Technology (ICT) are crucial to the

economic eldorado that the president envisions for Nigeria.

"While the Federal Ministry of Finance manages the finances of the federation, including controlling and monitoring federal revenues and expenditures, the Federal Ministry of Communications Innovation and Digital Economy develops a knowledge-based economy and facilitates the development of the ICT industry towards increasing its contribution to GDP. "The two ministries play greater roles in facilitating businesses,

e-commerce, job creation, empowerment and increased efficiency and productivity, which are vital for economic growth and prosperity.

The importance of finance and ICT sectors are such that we must be circumspect in the kind of decisions we make in those sectors.

"As a patriotic, refined statesman, who won a credible, national mandate on February 25, 2023, President Bola Tinubu, has a duty to not only be fair to some parts of the country but also to be seen to be fair to all parts."

Falana to Nigerians: God Wants You to Fight Tyranny Michael Olugbode in Abuja Lawyer and rights activist, Femi Falana, has called on Nigerians not to leave the violation of their fundamental human rights to God to judge, but approach the court to file a case.

Speaking in Abuja at a programme, “A strategic dialogue on accessing remedies for human rights violation in Nigeria,” organised by the National Human Rights Commission, Falana said, “God wants you to fight tyranny. When your rights have been violated, don’t keep quiet about it.”

Falana advised that instead of leaving human rights violators to God, “Run to the office of your

lawyer to file a case. You may be very lucky damages may be awarded.”

The lawyer, who equally alleged that the Nigerian government was notorious for non-payment legal charges, said, “My advice to government is that if you want to stop impunity you must pay charges.”

He equally advised that any security officers found to have violated human rights of citizens should be made to share in the payment of the penalty with the government or its institutions.

Falana equally decried the non-adherence to the 35 per cent affirmative action of women in public office, insisting that it was unfair and unlawful, and that if

there had been a gender imbalance among the panel at the event, he would not have participated in the programme.

He, however, commended the Kwara State Governor, Abdulrahman Abdulrasakfor ensuring gender balance in the appointment of commissioners which stood at 50-50 per cent, advising other states to borrow a leaf.

Executive Secretary of NHRC, Tony Ojukwu, reaffirmed the commitment of the organisation to fighting the violation of human rights of any Nigerian.

He insisted that the commission was independent of government and had the power to ensure compliance to human rights.

Afenifere Seeks Use of Biometric for 2023 Census Adedayo Akinwale in Abuja

Afenifere, a pan-Yoruba sociopolitical group, has called on the federal government to direct the National Population Commission (NPC) to make use of biometric as opposed to manual method that is prone to abuse in the forthcoming census.

The group made the call in a communique issued yesterday after its meeting held at Akure residence of its Leader, Pa Reuben Fasoranti, on August 30, 2023.

The communique signed by its National Publicity Secretary, Jare

Ajayi, stated that members came from all Yoruba speaking states and Afenifere Chapter in the USA. He noted that Fasoranti briefly recounted some of the happenings since the last two years that he hosted the Afenifere meeting at his residence.

Ajayi said the elder statesman raised a number of issues, which set the tone for the discussion that followed and resolutions that were made thereafter, adding that at the behest of the leader, HRM, Oba Olu Falae, directed the meeting in which everyone made contributions.

"The meeting took note of the Census exercise coming up next year or so. It was noted that biometric method was successfully used for Voters' Card registration.

"As such, Afenifere strongly calls on the federal government to make the National Population Commission (NPC) use the same Biometric Method rather than the manual method that is prone to abuse as had happened several times in the past.

"Afenifere is to be reinvigorated, revamped and refocused to continue to fulfill its mandate of being the Vanguard for the Yoruba Race.

To achieve this, a Committee is to be set up to achieve Reconciliation and Unity.

"Afenifere is an Ideological Movement. It is not a Political Party. Deviation from the basic Principles of Afenifere has been responsible for the undesirable turn of events in the last two years," he said.

It added that arising from the above, Afenifere was to be brought back to its core values and tradition so as to be better positioned to pursue its mandate for the benefits of the Yoruba race, Nigeria and the black race generally.

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NEWS

STRATEGIC MANAGEMENT BUSINESS RETREAT/WORKSHOP...

L-R: Managing Director, NIPCO, Mr. Nagendra Verma; Managing Director, West Africa Gas Pipeline Company (WAGPCO),Michelle Burkett; Managing Director, NNPC Gas Marketing Limited (NGML). Chief.Justin U. Ezeala; Chief Executive Officer, Tetracore, Mr. Olakunle Williams; and Coordinator, Decade of Gas Limited, Mr. Ed Ubong, at the Global Energy Company and NNPC 2nd strategic management business retreat/workshop for the NNPC Gas Marketing Limited (NGML), on Gas distribution under the energy transition regime , challenges and opportunities associated with the changing landscape of energy systems held in Ghana...recently

Sanwo-Olu Urges Nigerians to Endure With Tinubu Says taking Nigeria higher requires hard decisions First Lady lays wreath at UN commemorating 2011 bombing Deji Elumoye in Abuja Lagos State Governor, Babajide Sanwo-Olu, has yet again, risen in stout defence of the economic policies being pursued by the administration of President Bola Tinubu with a call on Nigerians to endure with the President in his bid to take the country to a higher pedestal.

The governor gave this plea yesterday while paying a courtesy visit to the First Lady, Senator Oluremi Tinubu, in her office at the State House, Abuja.

Commenting on the ongoing reforms by the president, Sanwo-

Olu said taking the country to a level, where every Nigerian could be comfortable required hard decisions and systematic efforts by the government, as well as a lot of patience on the part of the citizens.

According to him, "We have to continue to encourage and support him, and encourage our citizens as well that we see a bright light down the tunnel. Not doing anything is not an option. So, in the course of doing things differently, there will be belt up here, there will be tightening there, but at the end of the day,we believe the result that comes out of those reforms will improve the quality of life and make

things a lot better for our citizens and the economy will continue to grow in the direction that we are all appreciative of."

The governor applauded Mrs Tinubu for her intervention in empowering to women and other vulnerable groups in the society through her Initiative, Renewed Hope Initiative.

He stressed the importance of interventions of the Initiative in the education sector, where a National Scholarship Programme was recently flagged off in Abuja with 43 beneficiaries from across the nation, women ICT Training and other empowerment programs in

agriculture and social investment.

Sanwo-Olu noted that the efforts would complement similar policy objectives of President Bola Tinubu's Renewed Hope Agenda, as well as serve to reassure Nigerians.

Said he: "We have to encourage her on the Renewed Hope Initiative, which we have all heard about, which she is championing with other First Ladies and of course the wife of the Vice President, because it complements what Mr President is doing. I think she is really great with her focus on schools and to be able to provide succour for the people that are vulnerable."

Also, yesterday, the First Lady

paid tributes to individuals, who lost their lives in the bombing of the United Nations Building in Abuja, which occurred on August 26, 2011.

Sspeaking at the wreath laying ceremony in honour of the victims of the incident, she called for a world where terrorism, along with its severe impact on the society, was effectively combatted.

To achieve this, the First Lady said the global community must channel more energy towards fostering peace, promoting dialogue and combating the forces of hatred and division.

While paying tribute, she said the world must not only draw strength

from the sacrifice of those serving the cause of peace, but must also recommit to the values of unity, understanding and cooperation that the UN represents.

Her words: “On this solemn occasion, we remember and honour the lives that were lost. I pay tribute to the dedicated individuals, who were serving the cause of peace and development within the walls of UN building.

“Today, we stand united in our resolve and determination to create a world where the principles of peace, justice and cooperation that the United Nations stands for are not merely ideals, but reality for all."

T I N U B U O N G A B O N : I N TA L KS W I T H W O R L D L E A D E R S TO A D D R E S S S P R E A D I N G AU TO C R ACY not terminate it for some reasons.

He stated, “Term limit, I would say frankly, that it sounds sexy, but it isn’t working because when you go into your second term, you no longer have any authority because people know that you're leaving.

And your second term is completely lost, because of the problems of succession.

“And people within your own party, they start fighting and no one listens to you anymore. And we've discussed that, you know, with various African leaders and they will concur with the same.

“Now, why it is still applied is because some African leaders think that it is going to please you guys (the West) here. That's why they do it, but they really don't believe in it, because on the ground, they see the difficulty.

And so, I don't believe that term limits improve democracy. I don't believe in that.”

According to him, allowing term limits would not allow leaders to implement their various programmes because there is always little time to do so due to the nature of elections and democracy.

Bongo said, “You know, and we've seen that in many cases in Africa. You need a certain time to apply your programme. And that's not done in a country, where you have term limits. For instance, once you are elected, if you're completely new, the first two years are going to be kind of bumpy for you to apply your policies.

“And then as you start implementing, you have to think of your

re-election. And that means that if you have tough measures to apply, you won't do that because you will be thinking of re-election, because you have a five-year term. So, you have to be campaigning for your re-election.

“And then you win, then you say, I'm going to do this. Then people don't listen, they don't listen to you anymore, because they know you're leaving office, and you have a tough time. So, in reality, in those two terms, you only have a few years really, that you can work.”

The 64-year-old noted that if the matter of term limit for political leaders was so palatable, then Europe and America should also limit the terms of their lawmakers.

He stated at the time, “Now, it is also fair to say that in most European countries, there are no term limits. And you can't say that these countries are not democratic.

So, you see term limits is not really linked to democracy.

“I know you're going to say, well, in America, they have term limits.

Okay, fine. For only the president.

Some guys are in the Senate. They have been there for 40 years. And you know that the power lies in the Senate in America. So, why not apply it there then? Apply the term limits to everyone, to every electoral office. That would be then fair, and not just the president.

“And actually, the guy who is running for president faces the toughest election, but he is the one that you apply term limits to, but you don't do same to the others.

You can be in parliament for 30-40

years, no problem. Why? “If we should really push democracy, then it should also be applied in parliament because someone who's been in parliament for 30 years, he's very powerful. He's a senior member of the parliament with a lot of weight. So the same thing should be applied to him.”

S&P: Oil Markets Vigilant After Coup in Gabon

Oil markets had been left smarting by a second coup in five weeks in an African oil producer, after military leaders in Gabon placed longstanding president Ali Bongo under house arrest, bringing the recent wave of West African putsches to OPEC's doorstep.

The situation remained fluid, with crowds turning out in numbers to celebrate the military takeover, which looked set to end the Bongo family's 56-year reign.

However, oil companies and traders said it was too early to predict supply disruption in Gabon, which pumped 210,000 b/d of crude oil in July, according to the Platts OPEC Survey from S&P Global Commodity Insights.

That made it a relative minnow in terms of global crude supply, although its barrels were an increasingly significant source for Israel, which might be forced to search for alternatives if Gabonese exports were impacted, S&P Global said.

An industry source familiar with the generals' thinking told S&P Global on condition of anonymity that the country's new rulers "are

not touching the fields," adding, "Production will stay the same."

Gabon's largest producers include Anglo-French independent Perenco, French company Maurel & Prom, and Norway's BW Energy, which is halfway through a six-well drilling campaign, as well as a smattering of majors.

"We are following the situation closely… All offshore operations are continuing as normal," Knut Sæthre, CFO of BW Energy, whose Gabon assets are currently producing 27,500 b/d, told S&P Global Commodity Insights.

Maurel & Prom, which is purchasing 40,700 b/d Assala Energy in Gabon from private equity fund Carlyle Group, said the "current situation does not affect our sites of activity where operations are taking place normally, without impact on production."

Tullow Oil, which produced 14,900 b/d in the country in 2022, also said its operations were "currently unaffected by the ongoing political activity and production continues as normal."

Perenco declined to comment, while other companies with operations in Gabon did not respond to requests for comment.

French miner Eramet, which has large manganese operations in Gabon, said it had halted operations.

Meanwhile, risk management firm Ambrey said port operations at Gabon's Libreville had stopped.

"The military will likely refrain from any rapid changes in the business environment in the short run to reassure investors. However,

as other coup-hit countries indicate, greater interference in the economy is likely over the longer run, from reviewing to renegotiating contracts to demanding greater stakes in projects," Maja Bovcon, senior Africa analyst at Verisk Maplecroft, told S&P Global.

Bovcon added, "Whoever runs the country… will have to grapple with Gabon's overreliance on declining oil production and diversify its economy."

Dated Brent rose 0.7 per cent on the day to $85.87, S&P Global data showed. Oil traders are closely following potential supply issues as a result of recent production and export cuts by the Saudi-Russia-led OPEC+ group.

"Gabon is a minor OPEC producer, but it serves as a reminder of the geopolitical risk in the oil market," DNB Markets analyst Helge Andre Martinsen said.

Analysts said Israel, a major buyer of Gabonese crude, could be affected by production issues in the Central African country. Israel has already seen its crude supply disrupted this year by export issues in Iraq's semiautonomous Kurdistan region and has turned to Gabon to help fill the void.

Gabon, which produces mediumsweet Rabi Light and Rabi Blend crude grades, is estimated to have around 2 billion barrels of crude reserves.

Although its production has sunk from a peak of 365,000 b/d in 1996 to around 210,000 b/d as of August 30, Gabon is the only African OPEC member to hit its

production quota in recent months.

The coup came hours after the electoral commission said Bongo had secured a third term in office with 64.27 per cent of the vote in a tightly contested election. However, former minister Albert Ondo Ossa, who led a six-party coalition and received 30.77 per cent of the vote according to the commission, dubbed the process "a fraud."

Bongo and his family have been accused of hoarding the country's significant oil wealth. French authorities last year charged five of his siblings in connection with an $85 million fraud case, the report said.

The coup in Gabon is the eighth across West and Central Africa since 2020 and comes five weeks after Niger's President Mohamed Bazoum was overthrown by the country's military.

Meanwhile, shares in TotalEnergies EP Gabon fell Wednesday after military officers declared a coup in the central African nation of Gabon following President Ali Bongo's win in the elections. At 0949 GMT, the stock was down 10 per cent lower at EUR166.00.

The subsidiary of French major TotalEnergies has been active in the central African country for more than 90 years, with oil-and-gas exploration and production activities and as a leading retailer.

Crude-oil production from fields operated by the TotalEnergies EP Gabon was 5.8 million barrels in 2022. The French company has a 58.28 per cent share in TotalEnergies EP Gabon, while the Gabonese state holds a 25 per cent stake.

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ISSUES IN THE NEWS

Gabon: Yet Another Sad Day For Democracy in Africa Habib Aruna

E

ven as the crisis in neighboring Niger Republics remains intractable, with the Economic Community of West African States (ECOWAS), still hovering between the use of diplomacy and military to settle the crisis, another major crisis reared its head in Central Africa, with the announcement early this morning by the military that they have taken over the reign of government to restore ‘peace’.

The Gabonese people were actually looking forward to hearing the results of last weekend’s presidential elections, an election that was widely condemned by observers as not credible nor transparent but which the incumbent President, Ali Bongo was expected to win by a ‘landslide’. This new development is a huge setback for French influence in Africa and for democracy, a system that has been at the receiving end of a people who are determined to end dictatorship and mis-governance foisted on them by selfish and greedy rulers. And with the reactions of the people so far on the streets across the country, it’s very clear that the coup has been widely accepted by the people no thanks to the unpopularity of the Bongo dynasty, a family that has ruled the oil rich country for more than five decades.

The deposed president’s father, Omar came to power in 1967, with his son, Ali, succeeding him in 2009, after his father’s death. So, it’s easily discernible that the Gabonese people are tired of the Bongo’s family and their cronies holding on to power for so long. They were therefore ready for the change that the coup brought. Needless to add that the deposed president had a stroke a few years back, a sickness that made him spend several months in a French hospital. Most people had expected him to resign and leave the stage for another person, but trust African rulers, that is far from their DNA. Bongo had since been recuperating and visibly struggling to perform the duty of the leader of a country that is poor because the country’s oil wealth has been mismanaged by the Bongo family.

So, even though military putsch should not be an option in the transfer of power, the inability of African rulers to follow the constitution they swore to protect and promote makes military intervention attractive. Once they get to power, elected presidents become tyrants and see their citizens as subjects; they

Deposed Gabon’s President, Ali Bongo no longer believe in the efficacy of constitutionalism and rule of law; they find it easy to circumvent due process that was brought in and want to change the rules of the game to prolong their stay in power.

Of course, they find easy support from Britain and France, the so called advanced democracies and colonial powers, who in most cases, looked the other way while democracy and rule of law are being desecrated in the continent.

Examples abound in Africa, From Senegal to Cote D’ivoire; from Guinea to Burkina Faso and from Central African Republic to Democratic Republic of Congo. These leaders, sorry, rulers trample on the rights of the people and would do anything to retain their hold on power. So, the only way a military coup would cease to be an option is for African leaders to allow the people to make their

choice at the ballot box, in other words, there must be free, transparent and credible elections that reflect the wishes and aspirations of the people. Those in power should not circumvent the rules guiding democracy which is embedded in the constitution.

Alhassan Quatarra in Coted’voire succeeded, albeit wrongfully, in changing the constitution to enable him contest for a third term, when he had pledged to serve for only two terms.

For sure, it would be difficult to keep people indoors or from the streets not to celebrate military takeover when they have been serially pauperized and decimated by the ousted regime. They would surely come out with a sigh of relief, jubilate and see the new rulers as savior, who came to rescue them from the pangs of misrule and subjugation.

The lesson therefore is for African rulers to follow

the examples of the Great Nelson Mandela; the leaders of Botswana; recent leaders of Tanzania who do not believe in ruling forever or dying in office.

Hence, the antidote to stop the military boys from coming out of the barracks to the public space is good governance; knowing when to press the reset buttons to put a smile on the faces of your citizens and more importantly, making sure the constitution and rule of law are sacrosanct. I am not one of those who believe that democracy and its core values are antithetical to the nature and character of Nigerian or by extension, African politics. I have severally argued that with all its deficiencies, democracy remains the only veritable way of ensuring fair and credible representation of what the citizens want. There should however be room for a mixture of our peculiarities and culture when setting the rules, which will guide all the players in the democratic arena.

Without a doubt, the development in Gabon has further weakened the influence of France in the continent. Yet to recover from the humiliation in Niger and the consistent bashing from the rulers in Burkina Faso, Mali and Guinea, the French would have to find a way to stop the people from moving against them and their interests in their former colonies. Paris never saw it coming! It has for centuries subjugated these countries and made them to be subservient to the metropole-Paris- even after their so called independence. The structures that were planted by the departing colonial power was to make these countries dependent on the French, both politically, economically and militarily. This is why there are French military bases in most of these Francophone countries.

These military formations were to act as a buffer or to assist the various regimes they put in place in Africa, to wade off internal and external threats, for them to have easy access to the natural resources in these countries. Thus, they don’t care if the democracy that they so revered in their country (France) does not work in Africa, insofar as their interests are protected by the regime in power. Given the above context therefore, we are likely going to see more military takeovers in the continent if the rulers, most of whom, are ruling with impunity, do not quickly return to the table and negotiate power with the people and France will be the ultimate loser. r"SVOB B KPVSOBMJTU XSJUFT GSPN *LFKB

NEWS

Police Deployment to NURTW Secretariat, an Act of Dictatorship, Says NLC 7PX UP CFHJO OBUJPOXJEF TUSJLF XJUIPVU OPUJDF Onyebuchi Ezigbo in Abuja Nigeria Labour Congress (NLC) has described the continued occupation of the headquarters of National Union of Road Transport Workers (NURTW) by the Nigeria Police as an act of dictatorship.

NLC threatened that if the police refused its appeal to pull out of the NURTW office in Abuja, it would be compelled to mobilise its affiliates for a national strike without notice.

NLC’s position was in response to a statement by the Nigeria Police, Federal Capital Territory (FCT) Command, signed by the command’s spokesperson, Superintendent Josephine Adeh.

The congress said there was no manifest threat to the NURTW secretariat to warrant such police

action.

A statement signed by NLC’s Head of Information and Public Affairs, Mr. Benson Upah, said the congress will not only commence a national strike action without further notice, but it will also invite the support of other labour centres globally if the police failed to vacate the NURTW premises.

NLC stated, “In the event the police refuse to hearken to our wise counsel, we would: “Escalate this matter to other labour centres across the world, the ILO and other international organisations or bodies; commence a national strike action without further notice.

“Accordingly, unions, state councils and civil society allies are to take this statement as a notice for mass action against dictatorship, impunity

and oppression” NLC said the police were expected to be impartial in their operations and conduct, and stressed that their loyalty should be to the people of Nigeria and not regimes. It described the police defence of its action as rich in justifications, rules of engagement and constitutional mandate but lacking in good intentions.

The congress said in the statement, “In a few words, we reiterate as follows: a lawfully-elected leadership of the union is in place and in office.

If anyone or party is deserving of protection, it is the lawfully elected one and not an impostor; “There was no manifest threat to the secretariat, let alone its neighbourhood, so the police invited themselves in pursuance of a sinister motive by the state and they know it.”

NLC held that in the event of a major intra or inter-union dispute, there were clear provisions in the corpus of labour law for internal conflict resolution.

According to the umbrella labour body, the police are not part of the internal dispute resolution process, which is why their invasion constitute a violent interference in the internal matters of the union, in clear violation of the law NLC said, “We want to state clearly that even our own internal mechanism was not exhausted before the police invited themselves in; “Even during military dictatorship, the military were circumspect about taking over trade unions. So what kind of democracy are we running?

“The imminent bloodbath, which the police speak about in their

Lagdo Dam: Despite 8.97 Metres Flow Level, NEMA Calls for Calm Kuni Tyessi in Abuja As concerns over the opening of Cameroonian Lagdo Dam deepens, the National Emergency Management Agency (NEMA) has once more called for calm despite the 8.97 metres flow level as revealed by the Nigerian Hydrological Service Agency (NIHSA).

The agency disclosed that compared to the 2022 flow level which was pegged at 8.80 meters, the level this year has recorded an increase of 17 metres.

Also, NISHA had provided that

the flow level of River Niger system, especially at Niamey, Niger Republic, remains stable at a normal level of 4.30 meters and similarly, inland dams including Kainji, Jebba, and Shuroro reported consistent flow regimes.

Consequently, the Director General of NEMA, Mustapha Ahmed, said to cushion the effect of the flood, de-escalation of early warning messages to states; TV and radio appearances; TV and radio jingles and issuing press releases, clearing of drainages, readiness to embark on rescue mission, among

others have been planned.

Speaking yesterday, in Abuja, at a stakeholders’ meeting on the release of water from the dam, Ahmed said the country has commenced release of water from the Dam at the rate of 200 cubic meters per second which is about 18 million cubic meter of water per day. This release may result to all front line states experiencing flooding in subsequent days and weeks.

He added that it was of great importance to also note that the Dam might commence full discharge of excess water in the event that the

region experiences heavy amount of rainfall.

“Coordination is a vital component of disaster management which needs to be given adequate attention to ensure timely and efficient response.

“To ensure effective coordination and implementation of various policies therefore, the agency has dimmed it fit to invite critical stakeholders to this Forum to deliberate on how to respond and mitigate the impeding flood we are currently being faced with, in Nigeria.

statement, operate only their wild imagination; “The invasion, according to the statement, ‘is to ensure that disputes are resolved peacefully and in accordance with the law’. We ask, when did our police constitute themselves into law courts? Isn’t this a case of extreme violation of our constitutional safeguards, which clearly emphasise the separation of powers?”

NLC further said the police action was at variance with their mandate and a violation of the extant labour laws.

It stated regarding the police action, “It constitutes an interference in the internal affairs of the union in the eyes of the law, is worse than the military coup in Niger, and poses a threat to the operation of our democracy, and remains unacceptable.

UN, Nigeria Sign MoU on Counterterrorism Kingsley Nwezeh in Abuja

In furtherance of Nigeria’s joint effort with the international community to combat terrorism, the federal government, yesterday, signed a Memorandum of Understanding (MoU) with the United Nations (UN) on counterterrorism.

A statement signed by Head, Strategic Communications, Office of the National Security Adviser (ONSA), Zakari Mijinyawa, said ONSA and the United Nations Office of Counter-Terrorism (UNOCT) signed the MoU to further strengthen counterterrorism efforts in the country.

Both parties said at the signing ceremony in Abuja that the documents were in furtherance of the joint efforts to combat the global menace of terrorism,

which remained one of the most complex challenges to the peace, security, and stability of nations around the world.

The parties also “pledged continued collaboration to identify, collect, and disseminate good practices and lessons learned, and explore new opportunities by promoting dialogue and partnership through the development of capacity-building activities”.

National Coordinator, National Counter Terrorism Centre (NCTC), Rear Admiral YEM Musa (rtd), who represented the National Security Adviser, Mallam Nuhu Ribadu, noted that the two memorandums of understanding signalled a momentous milestone in cementing Nigeria’s partnership with UNOCT towards enhanced collective counter-terrorism efforts.

THURSDAY AUGUST 31, 2023 ˾ T H I S D AY

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NEWS

PROMOTING FOOD FORTIFICATION COMPLIANCE…

L-R: Chair, House Committee on Healthcare Services, Hon. Dennis Idahosa; Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani; former Chairman, Senate Committee on Health, Senator Ibrahim Oloriegbe; Chair, House Committee on Health Institutions, Hon. Amos Magaji, and Country Director, Global Alliance for Improved Nutrition (GAIN), Dr. Michael Ojo, during the interface session on promoting food fortification compliance and workforce nutrition held in Lagos…yesterday

House Uncovers How N81.2bn was Spent on 21m Trees in 11 States

Juliet Akoje in Abuja

The House of Representatives yesterday has uncovered documents on how National Agency for the Great Green Wall (NAGGW) allegedly spent the sum of N81.2 billion on planting of 21 million trees across 11 frontline states.

The States include:: Kebbi, Sokoto, Zamfara, Katsina, Kano, Jigawa, Bauchi, Gombe, Adamawa, Yobe and Borno.

The lawmakers, who spoke during the investigative hearing into the ‘Utilisation of ecological funds released to National Great

Green Wall from 2015 to date’, who expressed concern on the conflicting financial reports submitted by the Central Bank of Nigeria (CBN), office of the Accountant General of the Federation (oAGF) and the agency, queried some of the expenditures carried out during the period under review.

Scrutinising the documents submitted to the Ad hoc Committee, the lawmakers said the sum of N697.372 million and additional sum of N500 million as well as N480.657 million were spent on renovation of office accommodation; N11.28

Kano Set to Empower 100 Repentant Criminals Ahmad Sorondinki in Kano The Kano state Governor, Mr. Abba Kabir Yusuf, has promised to rehabilitate and empower 100 repentant criminals presented to him by the state Command of the Nigeria Police.

The State Commissioner of Police, Mohammed Usaini Gumel, presented repentant thugs to the governor at Sani Abacha Stadium, during the closing ceremony of the maiden Community Policing Friendly Football Games yesterday in Kano.

Representing the governor, the Director-General, Special Services, Government House, AVM Ibrahim Umar (rtd), commended Gumel for initiating such innovation in crime-fighting.

According to him, “on the 100 repentant thugs presented to me by the state Commissioner of Police,

they have all been accepted by the state government and are going to be profiled and got them gainfully engaged with a full package of life-changing programmes to be sponsored by the state government.

“As we gather here to witness the closing ceremony of the maiden Kano State Community Policing Friendly Football Games, which was organised by the Kano State Police Command in conjunction with Youth Society for the Prevention of Infectious Diseases and Social Vices (YOSPIS).

“This sports event indeed came at a better time as it exemplified the spirit of unity, harmony, and collaboration that our Government is striving to achieve for the stability of our beloved Kano State. It is also in line with our vision of engaging and bringing the youths together for development and the progress of the state.

Nasarawa Guber:INEC Presents More Documents as APC Closes Defence

Igbawase Ukumba in Lafia

The Independent National Electoral Commission (INEC) yesterday presented more documents used in the March 18, 2023 governorship election in Nasarawa State before the Governorship Election Petition Tribunal sitting in Lafia.

The INEC Head of Operations in the state presented the documents when he appeared before the tribunal.

At the resumed hearing of the matter, Counsel to the All Progressives Congress (APC), Mathew Burkah (SAN), told the tribunal that they have caused a subpoena to be issued on one Gyang Dabung who was said to have certified a certificate to PDP. He further told the tribunal

that the subpoena was taken to the INEC Headquarters in Abuja on August 29, 2023 but the Commission’s Secretary refused to accept the subpoena, adding that they have filed two processes which were the third respondent’s schedule of witnesses and schedule of documents dated August 30, 2023.

However, the PDP lead counsel, Jibrin Samuel Okutepa (SAN), confirmed that they were served with the third respondent’s schedule of documents and witnesses.

But Okutekpa added that they were not aware of subpoena issued on one Gyang Dabung, a staff of INEC, insisting that a copy of the subpoena should be given to them to enable them respond appropriately.

billion on capital projects as well as claiming ownership of some projects carried out by lawmakers under Constituency

project as its project and exclusion of three States in the tree planting exercise.

The committee consequently

queried the rationale for warehousing multi-billion naira in the agency’s account for several years without

returning such unutilised funds to government’s coffer in line with extant financial regulations.

OPL 245: I Won’t Go down Without a Fight, Says Adoke

Alex Enumah in Abuja

A former Attorney-General of the Federation (AGF) and Minister of Minister, Mr. Mohammed Bello Adoke, has said Nigerians deserve to know the “whole truth” on the controversy surrounding the oil processing licence 245 known as the OPL 245 deal.

Adoke, who was in office between 2010 and 2015, said he was made a “scapegoat” on the OPL 245 court cases.

Speaking on Untold Stories with Adesuwa, the former AGF said he would publish a book in December that would highlight the issues involved in the deal.

Adoke said he has become a

“damaged brand globally” over the oil processing licence deal, adding that he would not go down without a fight.

“Nigerians deserve to know the whole truth of the OPL 245 case and the scavengers, idiots and those who nearly ruined this country,” he said.

“They try to scapegoat innocent Nigerians. I’m not going to go down without a fight. Do I look like an idiot? I’m not going to go down without documenting history.

“By the time you read my book on OPL 245, I hope they will not stone some Nigerian leaders in this country, including those who call other people corrupt. But they represent

the very symbol of corruption.”

Speaking further, the former AGF criticised the administration of former President Muhammadu Buhari for being the “most incompetent” government in Nigerian history.

“The corruption allegations against this past government are emerging, let’s wait for a while,” he said.

“Let’s see what will come out of Emefiele’s investigation, the Air Nigeria case, the Paris Club saga and other things that will be investigated.”

The Oil Processing Licence (OPL) 245 is an oil block located in the Niger Delta area of Nigeria.

Since 1998, the oil block has been a subject of international

and national litigations — a situation that has stalled the growth of what is believed to be Nigeria’s most endowed oil block.

In 1998, OPL 245 was awarded to Malabu Oil & Gas Ltd during the administration of the late Sani Abacha, the then military head of state.

Malabu Oil & Gas Ltd is believed to be owned mainly by Mohammed Abacha, son of the late head of state, and Dan Etete, who was the petroleum minister at the time.

On July 2, 2001, former President Olusegun Obasanjo revoked Malabu’s licence and assigned the oil block to Shell - without a public bid.

Aiyedatiwa Orders Ondo Council Chairmen, Councilors to Vacate Seats The acting governor’s order, Councilors of local governments the acting Governor of Ondo State, Fidelis David in Akure The acting Governor of Ondo State, Lucky Aiyedatiwa, yesterday ordered the 18 local government council chairmen and councilors to vacate their seats, following the end of the tenure of elected local government council officials.

which is contained in a statement directed the affected officials to hand over power to the Directors of Local Government Administration in their councils, pending further directives from the state government.

“The constitutional tenure of the elected chairmen and

in Ondo State ends today, 30th August 2023. This implies that all chairmen and councilors would vacate their respective offices accordingly and hand over the administration of the Local Governments.

“Pursuant to the foregoing and in order not to allow for vacuum,

Hon Lucky Orimisan Aiyedatiwa, has directed the Heads of Local Government Administration in the eighteen (18) Local Governments across the state to take charge of the administration of the local governments forthwith, pending further directives from the state government.

Certificate, Academic Transcripts Saga: ASUU-AAU Raises the Alarm over Selective Justice On August 19, the Ambrose have been handed over to DSS institution.

AdibeEmenyonuinBenin

The Academic Staff Union of University (ASUU) Ambrose Alli University (AAU) Ekpoma chapter, yesterday raised the alarm over what it termed as selective justice in the alleged certificate and academic transcripts racketeering in the

The chairperson of ASUUAAU, Ekpoma, Dr. Cyril Oziegbe Onogbosele, stated this while addressing journalists in Benin while making a presentation on “SIT’s Interim and Progress Reports on Ambrose Alli University, Ekpoma: The Truth and the Misinformation.”

Alli University, through the Special Intervention Team (SIT), said: “The Institution discovered over 30 cases of AAU students living abroad for not less than two years, writing exams and graduating.

It said the staff members and heads of departments involved

and ICPC for action”. But reacting to the allegation, Onogbosele said the union observed selective justice in the trial and punishment meted out to some of the staff, adding that it seems that there are sacred cows and “no go areas” in the handling of disciplinary cases on the matter.

FG, Taraba Sign MoU on Vocational Training Centre for Youths Onyebuchi Ezigbo in Abuja

Federal government and Taraba State government on Wednesday entered into a Memorandum of Understanding (MoU) for Operationalisation of the Skill and Vocational Training Centre located in Ibi, Headquarters of Ibi Local Government Area of

Taraba state.

Speaking during the brief ceremony at his conference hall of the Federal Ministry of Labour and Employment in Abuja, the Minister, Rt. Hon Simon Lalong, said it was part of the efforts being put in place to create Jobs and reduce poverty in the country by the present administration.

While commending the Taraba state government for taking a bold step to pursue the job creation initiative through skill acquisition, Lalong said that skill acquisition is a very vital aspect of job creation.

He urged other states to emulate what Taraba state has done. Lalong said: “There

is nothing as important as skill acquisition because people will make use of it even when they have certificate to become employers of labour.”

He said that one of the first things that attracted his attention on assumption of is the signing of the MoU on the skill acquisition centre.

Timi Frank: Biden’s Planned Meeting with Tinubu is anti-American, against Rule of Law

Chuks Okocha in Abuja

A former Deputy National Publicity Secretary of the All Progressives Congress (APC), has condemned the planned meeting between United States President Joe Biden and President Bola Tinubu is “anti-American”

and against the rule of law.

Assistant US Secretary of African Affairs, had during a visit to Tinubu, said the Nigerian president was the only African leader Biden wants to meet with on the sidelines of the United Nations General Assembly (UNGA). UNGA will be take

in September in New York.

However, in a statement yesterday, Frank expressed dismay at the timing of the meeting, adding that the presidential election petitions tribunal is expected to give a verdict anytime soon.

According to Timi Frank, “This move by Biden is certainly an

anti-American stance on rule of law and a bad example in collaborations in view of the pendency of suits challenging the declaration of Tinubu as president and multiple investigations ongoing concerning his integrity, true identity and academic records both in Nigeria and USA.

30

THURSDAY AUGUST 31, 2023 ˾ T H I S D AY

NEWSXTRA

ENHANCED ELECTRONIC PASSPORTS IN KADUNA…

L-R: Deputy Comptroller General in charge of Passports, Hassan Saddat; Emir of Zazzau, Ahmed Nuhu Bamali; Deputy Comptroller General of Immigration Caroline Adepoju, and the Comptroller, Kaduna State Command, Bashiru Lawal, during the inauguration of the new enhanced electronic passports in Kaduna…recently

Police Arrest 14 Suspects for Murder, Robbery, Kidnapping in Rivers Blessing Ibunge inPortHarcourt

The Rivers State Police Command has arrested 14 persons allegedly involved in murder, armed robbery, kidnapping and other vices in the state.

Parading some of the suspects yesterday at the Police headquarters, on Moscow Road, Port Harcourt, the State Commissioner of Police,

Mr. Emeka Nwonyi, said that the arrests were made within one week, across different areas of the state.

He said that operatives of the command arrested one Baridi Berefon for alleged killing of two victims who were securing Trans-Niger Pipeline, an SPDC’s facility in Bodo community, Khana Local Government Area of the state.

The commissioner of police

Group Gives Scholarship to Indigent Children, to Build Skills Acquisition Centre for Women in Edo

AdibeEmenyonuinBenin-city

The Oloi Evbagharu Erediawa Foundation (OLEF) yesterday gave the first set of 10 indigent children an N100,000 each as a scholarship, saying plans are underway to establish a skills acquisition centre for women in Edo State.

OLEEF is a non-profit organisation established in memory of Oloi Evbagdaru Janet Erediawa, late wife of His Royal Majesty, Omo N’Oba N’Edo Uku Akpolokpolo Oba Erediauwa, to provide financial aid, primary healthcare support and educational opportunities for Nigerian children and youths, especially those without adequate social or economic status to fulfill their academic and vocational dreams.

Speaking at the formal launch of the foundation in Benin-city, the capital of Edo State, a member the Board of Trustees (BoT) and

husband to the first daughter of the late Oloi, Ebhodaghe Sylvester, said each of the awardees is to get N100,000, while there is also a plan to expand the scheme.

In her welcome address, the Chairman of BoT of OLEEF, Joyce Ojemudia, said the late Oloi Janet Erediawa, during her lifetime, did so much for God and humanity, and that her legacies must not be allowed to die.

She stated that that was why the family wants to keep her legacies alive, using education and health care for the community.

“All of us as parents know that education is so vital in the life of any child. So, we are here to sponsor and partner with the Foundation. We have a lot of projects to be done, as no child should be denied education. The Foundation will do everything to make sure that we give education to every child in our space of contact.

explained that the suspect is a member of dreaded cult group that have been terrorising the area.

Nwonyi said: “Operatives of Kpor Division on Friday, August 25, 2023, received a distress call

The Guinness Nigeria Plc, has extolled the rich cultural heritage of the people of Nnewi in Anambra State.

The company praised the town during this year’s new yam festival celebration, which was sponsored by the Guinness last weekend.

Marketing and Innovation Director at Guinness Nigeria Plc., Mr. Mark Mugisha, who spoke during the celebration that is also known as “Afia Olu,” said that Guinness came in to partner with the community to showcase the rich cultural heritage of the people.

Mugisha said: “Guinness, as a brand, is deeply rooted in culture, and therefore we are keen on the celebration of the passion that enables our audience to create timeless experiences together,

where they shine brightest.

“We united with the people of Nnewi in this vibrant celebration of culture and agriculture at this year’s new yam festival. This is a festival that symbolises thanksgiving, after the end of a harvest and the beginning of the next farming cycle.”

He stated that for over a century, the festival has been held in partnership with the company, fostering love, unity, and progress. This year, the partnership between Guinness and the people of Nnewi he said reinforced their commitment and support for a rich cultural heritage and vibrant expressions.

This year’s celebration showcased colorful masquerades, dance groups, cultural displays and local delicacies. The traditional ruler of Nnewi, Igwe Kenneth Orizu, also offered blessings on indigenes.

at Trans-Niger Pipeline, Sugi Bodo where they were securing SPDC’s facilities as community volunteers.

“The victims who were immediately rushed to Dumkil

Hospital Kpor for medical treatment were confirmed dead by the Medical Doctor on duty, while one suspect Baridi Peter Berebon ‘m’ aged 31yrs was arrested.”

Operatives of NSCDC Arrest Two Suspected Rapists in Kwara

HammedShittuinIlorin

Operatives of the Kwara State Command of the Nigeria Security and Civil Defence Corps (NSCDC) have arrested two suspected rapists terrorising the people of Gaa Akanbi area of Ilorin, the state capital.

The Command said Mr. Idowu Yahaya, 39, a private security guard at Gaa Akanbi area in Ilorin, was alleged to have raped a 15-year-old girl in an office at Gaa Akanbi, while Mr. John Balogun, 49, was arrested for allegedly raping 17 years old girl.

Parading the two suspected rapists in Ilorin yesterday, the

state Commandant of the NSCDC, Mr. Umar Mohammed, lamented that rape is one of the fastest-rising violent crimes in society.

He said: “It is a traumatic experience that affects the victim physically, psychologically, and sociologically.”

Mohammed, therefore, urged

all parents and guardians to be vigilant and bring their children more closely to themselves.

He stressed that children should be encouraged to open up to their parents whenever they have any problem, not only with a stranger but also with a friend or close relative.

NDDC Board: APC Legacy Group Rejects Okang as Nominee for Cross River Charles Ajunwa Controversy has trailed the appointment of board members and management team for Niger Delta Development Commission (NDDC) by the presidency as the people of Cross River State have rejected the appointment of Mr. Asu Oku Okang as

nominee from the state, noting that Okang is a staunch and active member of the Peoples Democratic Party (PDP) and not the All Progressives Congress (APC).

Making this disclosure, the people through APC Legacy Group and Affiliates, have accused the Chief of Staff

to the President, Hon. Femi Gbajabiamala, of allegedly working with the former Governor of Rivers State and now Minister of the Federal Capital Territory (FCT), Nyesom Wike, to compromise the nominee of the state submitted to the presidency by the State Governor, Bassey Otu, for Okang,

who is allegedly a crony of Wike.

This allegation is contained in an open letter to President Bola Ahmed Tinubu, entitled, ‘Appointment of Board Members to the Niger Delta Development Commission (NDDC): Matters Arising’, signed by the Chairman of the Group, Asuquo Ani Okokon (JP).

Oyebanji Presents N150m Gratuity Cheques to Retired LG Workers in Ekiti Gbenga Sodeinde in Ado Ekiti

Barely three months after presenting N130 million gratuity cheques to retired local government workers and primary school teachers, the Ekiti State Governor, Mr. Biodun Oyebanji, on Tuesday

distributed gratuity cheques of N150 million to another batch of retired local government workers and primary school teachers in the state.

Speaking during the presentation of Cheques to the 64 beneficiaries at the conference hall of the Governor’s office in

Ado Ekiti, Governor Oyebanji said that his administration would continue to prioritise the welfare of all Ekiti citizens, especially the workers while in active service and at retirement.

He said that despite the lean resources available to the state, his government has paid over

N600 million as gratuities to 189 retired local government workers and primary school teachers in the state since the inception of his administration in October 2022, adding that he would continue to place high premium on the payment of pension and gratuity as and when due.

Court Freezes Firms’ Account in 24 Banks over Allegedit toN1.37bn Debt Partners Limited as well as The Judge made the order the tune of N1, 379, 400,

Wale Igbintade

New Yam Festival: Guinness Praises Justice Akintayo Aluko of the High Court in Lagos Nnewi’s Rich Cultural Heritage Federal has granted an interim order of David-Chyddy Eleke in Awka

from one Mene Joseph Kpai of Gokana, that a group of Islander Cultist, believed to be supporters of the deposed paramount ruler of Bodo Community, attacked and shot dead two persons

Mareva Injunction restraining two firms, Duport Midstream Company Limited, and Platform Capital Investment

their Managing Director, Dr. Akintoye Akindele, from accessing N1, 379,400,918 billion, or its equivalent in any currency in 24 banks, pending the hearing and determination of a motion on notice filed by the Union Bank Plc.

following an application filed and moved by the bank through its counsel, Temilolu Adamolekun, in suit number: FHC/L/CS/1709/2023.

The applicant (Union Bank Plc) had alleged that the defendants were indebted to

918 billion as of June 30, 2023, “(while interest continues to accrue) under the terms of the various facilities granted by it to the first defendant for several purposes as captured on the various offer letters.”

Rehabilitation, Modernisation of Ports to Commence Soon, Says Oyetola of agencies and departments under Ports Authority (NPA), Nigerian He promised to look into some Yinka Kolawole inOsogbo The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has said that the rehabilitation and modernisation of the nation’s ports would commence soon.

Oyetola made this known yesterday shortly after concluding his interaction with the various heads

his ministry. The minister, who was inaugurated last Monday, began receiving briefings from the heads of agencies and departments under his ministry almost immediately.

So far, he has interacted with all the departmental heads and followed up with the heads of agencies, beginning with the Nigerian

Maritime Administration and Safety Agency (NIMASA), National Inland WaterWays Authority (NIWA) and Nigeria Shippers’ Council.

He rounded off the briefings with the Maritime Academy of Nigeria, Oron, and the Council for Regulation of Freight Forwarding in Nigeria (CRFFN).

of the issues impeding their smooth operations with relevant agencies of the government, just as he reiterated the need for effective collaboration among agencies within the Marine and Blue Economy Ministry so as to realise the vision of President Bola Ahmed Tinubu’s administration for the sector.

A’Ibom, Songhai Farm Sign MoU for Agricultural Investment

Okon Bassey in Uyo

Akwa Ibom State Government has signed a Memorandum of Understanding (MoU) with a Benin Republic based agriculture firm, Songhai Farms Initiatives Nigeria , for a technologically

drive, food production.

Speaking during the signing ceremony in Uyo, the State Governor, Umo Eno, said the scheme is for the fulfillment of the goals of the ARISE Agenda blueprint of his administration.

He described the Songhai

agricultural model as impressive, stating that the MoU is a long term pact between the state government and Songhai Farm Investment Nigeria for the replication of a model farm in Akwa Ibom.

He commended the Songhai

delegation for coming to the state and assured the company that the model was achievable in the state in view of the state government’s disposition towards agricultural production using the ARISE Agenda blueprint.

O that

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THURSDAY, ͻ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Arsenal’s Balogun Completes £35m Switch to Monaco

Femi Solaja with agency report

Monaco have completed the £35million signing of striker Folarin Balogun from Arsenal on a five-year deal.

The 22-year-old United States forward returns to France after scoring 22 goals on loan at Reims last season.

Balogun had not featured for Arsenal in the Premier League at the start of this season despite first-choice striker Gabriel Jesus being out injured.

He signed professional terms with Arsenal at 17 and made two top-flight appearances in his time with the club.

In Jesus' absence, Eddie Nketiah started the first two matches of the campaign, while Leandro Trossard was favoured in Saturday's 2-2 draw with Fulham.

TRANSFER NEWS In a statement on their website, Arsenal said: "We thank Folarin for his contribution to Arsenal, through our academy into the first team, and wish him the best of health and happiness in his new chapter at Monaco."

Born in New York, Balogun moved to London when he was a child and came through Arsenal's academy system.

He played for England age group sides all the way through to under-21s, earning 13 caps at that level, before electing to play for the United States at senior level.

Balogun had loan spells at Middlesbrough and Reims, and was linked with Chelsea before Arsenal accepted Monaco's offer.

...Spendings on International Transfers Hit Record High The global record for transfer spending in a single window has been broken this summer.

The previous high was set in 2019 when clubs spent a collective £6.51bn, but this summer £6.56bn has been spent worldwide, according to Transfermarkt.

Premier League outlay has reached £2.1bn, rendering it the highest-spending division by far.

The window remains open, and Premier League teams can make signings until 23:00 BST on 1 September.

Total spending in Saudi Arabia is currently at £728m, putting the Saudi Pro League second on this summer's list, ahead of the £682m Italy's Serie A clubs have parted with.

German Bundesliga clubs have spent £598m so far, with France's Ligue 1 at £594m and Spain's La Liga at £342m.

Saudi Arabia's wealthy Public Investment Fund took control of four of the nation's top teams- AlIttihad, Al-Nassr, Al-Hilal and Al-Ahli - earlier this year, while big money transfers have also been made involving the gulf state's other top flight sides.

Neymar, Allan Saint-Maximin and Jordan Henderson are among the playerswho have moved to Saudi Arabia on lucrative contracts.

The British transfer record was broken earlier in August when Chelsea secured a deal worth up to £115m for Brighton's Ecuadorian midfielder Moises Caicedo.

Friends, Family, Golfers Honour Awogbade @70 It was celebration galore at the golf section of Ikoyi Club 1938 on Tuesday, August 29th, 2023 as the special birthday golf kitty put in place to celebrate Soji Awogbade’s 70th Birthday came to a thrilling end.

The 18-hole kitty which saw participants drawn from across the country and from Ghana, saw high flying Tunji Tiamiyu emerging the overall winner.

Playing off handicap 16, Tiamiyu grossed a score of 86 for 70-net score to win the keenly contested Birthday Kitty.

Elated at his victory, Tiamiyu hailed his playing partners; Akin Areola, former Captain, Ikeja Golf Club and Abiodun Savage of Ikoyi Club for helping him to win.

While Tiamiyu won in the net category, perennial winner, Peter Eben-Spiff won in the gross category.

He carded 77-gross to lift the trophy staked in the category.

Linda Obieze stole the show in the ladies category winning with a

net score of 77.

The Celebrant, Awogbade, who is credited with setting up one of the nation’s most attractive golf tournament; the Nigeria Cup also used the opportunity of his 70th birthday celebrations to honour those who were part of the Nigeria Cup Organising Committee at inception, among whom is former Nigeria Golf Federation (NGF) President, Shina Aigoro.

Amongst his many contributions to golf development highlighted at the event, the Nigeria Cup which is his brain child, his brainchild stood out.

The maiden edition of the event had Sir Victor Olaiya, the highlife maestro who played at the nation’s Independent anniversary in 1960, as the main artist at the maiden tournament.

Over the years, the Nigeria Cup has grown to become one of the most sought after competitions at the golf section of Ikoyi Club 1938 and its still growing.

Folarin Balogun has sealed a five-year deal with Monaco

Gov Obaseki Receives Victorious Bendel Insurance Pledges more support to ‘Benin Arsenal’ in quest for more glories Adibe Emenyonu in Benin City The Edo State Governor, Mr. Godwin Obaseki, has commended Bendel Insurance Football Club for their outstanding performance against ASO Chlef of Algeria during the preliminary stage of the CAF Confederation Cup, assuring the team of sustained support to ensure that they continue to do the state proud on the continental stage.

Bendel Insurance of Benin had last Saturday qualified for the next round of the CAF Confederation Cup after defeating ASO Chlef of Algeria 4-3 on penalties.

Receiving the victorious team, the club’s officials and supporters at the Government House in Benin City, Obaseki reassured them of his government’s commitment to sports development.

He said, “I want to thank you my boys for making us really proud and congratulate you for this great performance. You gave me your words and you kept your words.

We thank God for your victory.

“It’s a long road ahead but you have shown from this first outing

C A F C O N F E D E R AT I O N C U P that you are up to the task and all you need is encouragement from the owners of the Club. I just want you to know that as long as I am on this seat as governor of Edo State, I will continue to support you.

Obaseki added, “We would do everything to bring out the best in you. We believe in you, you are good and you need support and encouragement as I speak for all Edo people. We are all praying for you and are sure Edo people will all come out on the 16th of Septemberto support you against the Moroccan team, just as they did the last time against the Algerians.”

The governor also commended the coach and the technical team for their commitment which led to the victory, adding, “I want to thank the coach and the technical officials of the team for taking this assignment very seriously and responsibly. Thanks for taking the team like your own, giving your best to the team and this is the time to give more to the team. For the

supporters’ club, you have always been there and your bus is ready.”

The Technical Director and Head Coach of Bendel Insurance Football Club of Benin, Monday Odigie, noted, “We are very grateful

to you for the support you have given to the team since you came in as Governor of Edo State. The boys will continue to give their very best to justify the huge investments and attention you have given to the team. We pray God continues to lead us to come out with a better performance as we have done.”

Mercy Nku Hails John Enoh as New Sports Minister Former Nigerian international sprinter, Mercy Nku has hailed the appointment of Senator John Enoh as Minister of Sports Development

by President Bola Tinubu.

Nku, the second Nigerian woman after Mary Onyali to run in the 100m final at the World Athletics Championships, says Enoh posseses the administrative

acumen and experience to lift Nigerian sports out of the woods.

“Senator Enoh has been in the House of Representatives and the Senate and the experiences he has garnered there, especially with oversight duties are not one that can be bought on the shelf,” starts the Boki, Cross River-born sprinter who won four gold medals at the

African Youth Championships in Bouake, Cote d'Ivoire in 1995.

Nku stressed that Senator Enoh is known across Cross River State as an achiever and a thorougbred administrator who does not take decisions without due consultations.

“I think President Tinubu has done the right thing by bringing a man who pays attention to

details as Senator Enoh to my consitituency. The Sports sector has failed to grow for over 40 decades now and it will require a man who understands how to manage and inspire people to begin the renaisance the sector urgently needs,” observed the Canada-based former Nigeria sprint champion.

L-R (front row): Technical Director and Head Coach of Bendel Insurance Football Club, Monday Odigie; Edo State Governor, Mr. Godwin Obaseki, and Chairman of Edo State Sports Commission, Yusuf Ali, during Insurance courtesy visit to the Government House in Benin City....yesterday

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Shehu Sani to PDP Leaders “The PDP has lost power to the APC, and it is now losing the role of the opposition to the Labour Party. So, it has reached a point that even most members of the APC don’t consider the PDP as a serious opposition party” —Senator Shehu Sani on the growing irrelevance of the Peoples Democratic Party that was (until 2015) in power at the centre and many of the 36 states for 16 years.

OLUSEGUNADENIYI THE VERDICT

olusegun.adeniyi@thisdaylive.com

Just The Same Old Stories…

W

hen I woke up yesterday to news of a military coup in Gabon, I concluded there must be a better way to earn a living than peddling opinions on the pages of newspapers. We were still coming to terms with developments in Niger Republic where military adventurers are digging in when we learned of the overthrow of President Ali Bongo Ondimba. While circumstances of the two countries might be different, we are dealing with the same institutional challenge. This prompts me to ask, what else is there to write about this epidemic of coups on the continent? Bongo, by the way, first came to power in 2009, following the death of his father, El Hadj Omar Bongo Ondimba, who ruled the country for 42 years.

Last Saturday, he was declared elected for a third term after a controversial presidential election now annulled by the coupists who have also dissolved “all the institutions of the republic.”

Rich in natural resources such as diamonds, gold, petroleum, natural gas, niobium, cement, phosphate rock, manganese, uranium, and iron ore, Gabon has a GDP per capita of $12,800 (that of Nigeria is $2,184). But that doesn’t tell the complete story of a country whose wealth is concentrated in the hands of a few. In October 2018, President Bongo suffered a stroke while in Saudi Arabia on official duty. Although he had a prolonged medical treatment in the United Kingdom before another long session of recuperation in Morocco, Bongo’s poor health has left him and Gabon at the mercy of power mongers Nigerians would describe as a ‘cabal’.

In February last year when Bongo attended the African Union – European Union summit in Brussels, he was supported by two aides as he struggled to move from his car to the conference hall, even with the aid of a walking stick.

Yesterday, as I watched the pathetic video of Bongo on wheelchair, pleading “with friends all over the world to make noise” on his behalf, because he didn’t know what was going on in his country, I could not but reflect on the transient nature of power. Sadly, that reality is lost on African leaders who hardly learn from the experience of others. When President Umaro Cissoko Embaló of Guinea Bissau survived what he described as a ‘failed attack against democracy’ last year, I wrote ‘Nigeria and the Coup Epidemics’ to highlight what should concern authorities in Nigeria. Before then, Burkina Faso, Mali, Guinea, Sudan, and Chad had fallen into the hands of military usurpers, confirming the long-held proposition that democracy may be too frail a plant to survive the harsh climate in a continent where the opulence of politicians, economic deprivation of citizens and worsening insecurity now combine to present clear warning signals.

President Bola Ahmed Tinubu, we were told yesterday, is already in consultation with other African leaders on the appropriate response “to contagious autocracy we have seen spread across the continent.” That is welcome, given that we are dealing with the same problems in many of the African countries: Weak institutions, distrust of politicians, growing insecurity aided by insurgency and a worsening economic condition for most of the people. But is the military a solution to these problems? I don’t think so, even when we cannot blame the Gabonese who trooped out in celebration after enduring the rule of one family for 55 years. Following incessant coups in Bangladesh, The Economist wrote in December 2005 what I found most instructive.

“Like all human follies, military coups sound good at the time; and always fail,” according

Toppled Gabon President, Ali Bongo to the respected British weekly magazine.

“They sound good because what they replace is usually bad: riotous civilian leaders, corrupted institutions, stolen elections. They fail because beneath the chaos are political problems that soldiers cannot unpick…”

After the initial euphoria, the reality usually sinks in, as it is already happening in Niger Republic (as well as in Mali and Burkina Faso), that soldiers have no magic wand for dealing with complex socio-economic problems. But lest I get ahead of myself, this is no time to talk about military coups. In any case, we have too many problems at home to worry about what is happening outside our shores. On Monday, I read the familiar lamentation from the National Security Adviser (NSA), Mallam Nuhu Ribadu, that Nigeria is still losing about 400,000 barrels of oil daily to oil theft.

In the past two decades, I have written dozens of columns about oil theft in Nigeria, and I don’t know what new thing to say about this vexatious organised crime. What I have found most interesting is that for more than 20 years the same figure of 400,000 barrels per day is being parroted by government officials as being

stolen in Nigeria. That is perhaps because it is all guesswork, which is also understandable.

“Information about Africa’s biggest oil industry is an opaque myriad of numbers. No one knows which ones are accurate; no one knows how much oil Nigeria actually produces,” according to The Economist in its 10th October 2013 report on the mismanagement of the oil and gas sector in Nigeria. “If there were an authoritative figure, the truly horrifying scope of corruption would be exposed.”

We are dealing with cartels that have tentacles and networks in all the critical institutions that matter. In August 2014, the Wall Street Journal (WSJ) reported that the United States government had launched investigation into crude oil shipments from Saltpond platform, an oil facility off the coast of Ghana, that was shipping large quantities of crude from unknown sources to Europe and was uncovered during a broader enquiry into how stolen oil from Nigeria was being sold to some international cartels.

According to the WSJ report, a Saltpond official reportedly testified that huge volumes of stolen crude were procured from some Economic and Financial Crimes Commission (EFCC) officials.

The defence from the EFCC at the time was that it “is not an oil marketing company and could not have issued any invoice to any oil trader to lift confiscated crude oil from Nigeria.”

Five years later in a 5th June 2019 report titled, ‘Nigeria’s Oil Thieves Roar Back as Militants Kept in Check’, Bloomberg stated that “Oil theft is now an industry employing thousands in Nigeria.” What Bloomberg perhaps forgot to add is that the Nigerian oil thieves have also learnt the tricks from the ubiquitous ‘ghost workers’ who take a huge chunk of our annual wealth without ever being caught. Incidentally, just a month after that report, the Nigeria Natural Resource Charter (NNRC) revealed that our country lost a whopping N1.6 trillion to oil theft in 2016 and N995 billion in 2017.

I don’t think we are ready to tackle the challenge of oil theft in Nigeria if all that every administration does is to lament and tout figures of what we lose. But since I am already beginning to sound like a broken gramophone on this issue, let me look for something else to write about today.

Okay, there is a controversy about whether someone can be a National Youth Service Corps (NYSC) member and that of the Federal Executive Council (FEC) at the same time. I am aware that Nigerians are very good at ‘multi-tasking’ but even at that, it is novel combining being ‘Ajuwaya’ and a minister of the federal republic with an important portfolio. Unfortunately, we have also been on this road before. Under the last administration of President Buhari, we had cases

It may be important for the African Union (AU) leadership to pay closer attention to Cameroon, given what just happened in Gabon. The 90-year-old Paul Biya has been in power since 1982. Although he spends most of the time in Geneva, Switzerland and is almost always out of circulation when in Cameroon, he still calls all the shots through surrogates. That explains why his supporters are already preparing for the 2025 presidential election when Biya is expected to be on the ballot again!

of two NYSC dodgers in his cabinet, although they eventually lost their jobs. As I wrote at the time, when a government bend rules to excuse those who ordinarily should be held to the highest standards, it is society that suffers.

The subversion of the NYSC ideals has been gradual for years. Established in 1973 by General Yakubu Gowon as a vehicle for national integration after the civil war, it is shocking that only 5.7 million Nigerians have been mobilised in 50 years for a scheme that accommodates all graduates of Universities, Polytechnics and Colleges of Education. The only plausible explanation for such a figure is that many evade the scheme.

But there are positive stories too. A prominent Nigerian decided to be mobilized for the NYSC scheme, even though older than 30 at the time.

He was posted to Yobe and eventually completed his service in Abuja. After his NYSC primary assignment, he contested for senate and won.

In 2015, Gerard Igyor, a respected Professor of Communication and Theatre (then at the University of Wisconsin but now at Millersville University, Pennsylvania, United States) took a one-year sabbatical to come home (Benue State) for his NYSC primary assignment, teaching at the state-owned university. That was because he had his first degree before the age of 30. He returned to the United States after completing the NYSC primary assignment.

In contrast, many politicians now believe they can hide behind technicalities to cover what is clearly a crime. Some of the people who had in the past paraded all manner of degrees are reportedly limiting themselves to presenting only their West African School Certificate (WASC) or equivalent in the forms submitted to the Independent National Electoral Commission (INEC). For ministerial clearance, some adopt the same trick because they did not serve their fatherland ‘under the sun or in the rain’ like the rest of us, as stipulated by law. And they believe they can eat their cake and still have it.

Meanwhile, as it was in the past, the question being raised by the current NYSC saga is the credibility of the so-called pre-appointment screening by security agencies. The bigger issue is the reckless manner by which the Senate conducts the confirmation hearing that has become another hollow ritual. But then, having decided I would not be repeating myself today, let me leave the NYSC matter alone and look for something else to write on. In the next four days, according to the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, we should expect a deluge from Cameroon where the Lagdo dam has been opened to discharge water downstream. This is also not a new issue.

Last October, I wrote ‘200 Billion Cubic Metres of Disaster’ following the deluge that claimed 612 lives with 2,776 persons injured and 305,407 houses destroyed. In that tragedy from which many have not recovered, 392,399 hectares of farmland were decimated and an additional 176,852 hectares partially damaged.

To write my column, I spoke to the Director General of the Nigeria Hydrological Services Agency (NIHSA), Clement Eze who told me that Nigeria has one of the best natural drainage systems in the world due to our topography, land and location within the Niger Basin that traverses nine countries in West and Central Africa. On an annual basis, according to Nze, a total volume of over 200 billion cubic metres of fresh water drains into the Atlantic Ocean—huge resource from nature that we practically allow to waste.

Continued on page 17

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